Current account switch bonuses: what CASS moves, and what the cash offers pay

Dated standard cash switch offers (checked 18 October 2026)

Standard cash means a published cash amount on a non-Premier current account. Premier offers sit in their own block below.

Rows are grouped by account type, then listed alphabetically; they aren’t sorted by bonus size. Every figure comes from the bank’s own offer page or terms.

Scroll sideways to see every column.

Last checked: 18 October 2026. Offers can be changed or withdrawn at any time, so check the bank’s own offer page and terms before you apply.

• Offer ends 9 December 2026: Lloyds.
• The extra £35 on first direct’s offer is for accounts opened by 2 December 2026.
• Premier accounts have their own income, savings or mortgage requirements, set by each bank.
• A full switch through the Current Account Switch Service closes your old account.

first direct’s £210 is £175 plus a £35 extra for accounts opened between 14 September and 2 December 2026, as shown on first direct’s own current account page. Third-party vouchers aren’t paid by the bank and aren’t added here. The Co-operative Bank’s switch offer ended on 7 September 2026.

For what each offer asks you to do (Direct Debits, pay-ins, exclusions and payment timing), see the full table on the Switching Bonuses Hub.

HSBC UK, HSBC Private Bank, first direct and M&S Bank share one banking licence, so balances across them count toward one FSCS deposit limit. See the FSCS protection checker.

Who it may suit

• first direct: May suit people who haven’t banked with first direct before, haven’t opened an HSBC current account since 2018, and can manage a £1,000 pay-in and five card payments within 45 days.
• HSBC: May suit people who haven’t had an HSBC or first direct current account since 1 Jan 2023, are happy to open a sole account in the app, and can manage the pay-in and card-spend steps within 60 days.
• Lloyds: May suit people with at least three active Direct Debits who are comfortable with a Club Lloyds or Premier account and its monthly fee rules, and who haven’t had a Lloyds Banking Group switch offer since 2023.
• Nationwide: May suit people, including existing Nationwide members with a Flex account, who haven’t had a Nationwide switch offer since 2021.
• NatWest: May suit people with few or no Direct Debits who haven’t had a NatWest, RBS or Ulster Bank switch offer before, and who are happy to use the mobile app.
• RBS: Same terms as NatWest. May suit people who prefer RBS and haven’t had a NatWest Group switch offer before.

Who it’s for — and who should avoid it

Full explanation

What CASS is (and what it is not)

The Current Account Switch Service (CASS) is a scheme that moves an eligible UK current account from one participating bank to another. A switch usually takes seven working days. Choose a switch date at least seven working days ahead.

The old account then closes. Scheme facts sit with currentaccountswitch.co.uk.

CASS moves the current account, its balance, and the payments attached to that current account. Direct Debits and standing orders go with it. Payments sent to the old sort code and account number are redirected to the new account.

CASS is not an ISA transfer. It does not move savings accounts. It does not move Cash ISAs or Stocks and Shares ISAs.

Those stay where they are unless you move them separately. See easy-access savings accounts in the UK and notice vs fixed-rate savings.

The Switch Guarantee refunds certain charges if a switch goes wrong. It does not pay the switch bonus. The bonus is a separate product offer from the new bank, with its own rules, and it is usually assessed after CASS has finished.

Card-on-file subscriptions (the card number saved at Netflix, TfL, and similar) do not move with CASS. Those have to be updated with the new card details.

How a switch works

1. Open the new current account, if you are eligible.
2. Agree a switch date at least seven working days ahead.
3. On that date the old current account closes.
4. If there is an overdraft, it has to be agreed on the new account or repaid. Switching does not write off an overdraft.
5. The bonus window, if there is one, sits after CASS. Completing the switch is not the same as meeting the bonus rules.

A credit search is typical when you apply. CASS itself does not say whether that search is soft or hard. That is the bank’s own application process.

Not in the standard cash table

Overdraft, credit file, deposit protection and tax

Overdraft. Switching does not write off what you owe.

The overdraft has to be agreed on the new account or repaid. An unarranged overdraft on the old account is still a debt.

Credit file. Applying for a new current account typically involves a credit search. CASS does not define that search as soft or hard.

FSCS. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per bank, building society or credit union, from 1 December 2025. Brands that share a banking licence count as one bank, so check which brands share a licence.

HSBC and first direct share a licence, so their deposit limit is shared. Credit balances on a current account are deposits, and the old £85,000 deposit figure is out of date. Deposit protection does not guarantee a switch bonus.

See the FSCS protection checker and FSCS protection limits.

Tax (source: HMRC). HMRC’s Statement of Practice 4/97 says that, in general, ordinary retail customers aren’t liable to tax on cashbacks they receive, and HMRC’s Business Income Manual (BIM100210) covers cashbacks to ordinary customers.

Neither names bank switching offers specifically, and some bank terms say the payment may be reportable to HMRC (HSBC’s do). If you’re unsure how this applies to you, check with HMRC or a qualified tax adviser.

What does not move

CASS moves an eligible current account. It does not move:

• Savings accounts, including easy-access and notice accounts (easy-access savings accounts in the UK, notice vs fixed-rate savings)
• Cash ISAs or Stocks and Shares ISAs (those need an ISA transfer, not CASS)
• Card-on-file subscriptions (the stored card number at a merchant)
• The switch bonus itself (that is paid later, if the offer rules are met)

Payments sent to the old account are redirected to the new one. That redirect is not the same as updating a saved card.

The catch

Eligibility traps (CASS can finish and the bonus can still fail)

Switch bonuses are product offers. They usually sit on top of CASS, with extra rules. Typical traps on this kind of offer:

• Existing customer. Already holding an account with that bank, or with a brand in the same group, can knock the bonus out.
• Previous incentive. Having taken a switch bonus from that bank before, sometimes within a set period, can exclude you.
• Minimum pay-in. A stated amount has to land in the new account within a set period.
• Two or more Direct Debits. The new account has to carry a minimum number of active Direct Debits.
• Hold until paid. Closing too early, or switching away before the bonus is paid, can void it.

CASS completing is not proof the bonus will pay. The Switch Guarantee does not step in and pay the bonus if you missed a pay-in or a Direct Debit rule.

Nationwide existing-customer rule. Nationwide’s terms let existing members switch an account from another bank into a FlexDirect, FlexAccount or FlexPlus they already hold. The catch: they must not have had a Nationwide switch offer for that type of switch since 2021. Checked on Nationwide’s own offer page and terms, 18 October 2026.

NatWest / RBS. Select and Reward accounts may carry monthly fees. The offer terms give 60 days after the switch completes to pay in £1,250 and log in to the mobile app, and the bonus is paid within 30 calendar days after that.

Important things to know

• Premier and expired offers are not in the standard cash table.
• Barclays’ earlier £200 offer ended 27 August 2026; its up-to-£300 offer (£150, then up to £30 a month for five months) was live on 18 October 2026.
• first direct is £210 from the bank (£175 plus a £35 extra for accounts opened by 2 December 2026). Third-party vouchers aren’t paid by the bank.
• CASS typically takes seven working days. The bonus window is after that.
• CASS does not move savings or ISAs. CASS is not an ISA transfer.
• The Switch Guarantee does not pay the bonus.
• Switching does not write off an overdraft.
• FSCS deposit cover is £120,000 per person, per bank or building society, from 1 December 2025. HSBC and first direct share a licence.
• Offer ends 9 December 2026: Lloyds.
• Nationwide’s terms let existing members switch into a Flex account they already hold, for their first eligible switch since 2021. NatWest and RBS allow 60 days after the switch completes for the pay-in and app steps, then pay within 30 calendar days.

Related reading

Comparisons

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Current account switch bonuses: FAQs

What is the Current Account Switch Service (CASS)?

The Current Account Switch Service is a scheme that moves an eligible UK current account from one participating bank to another. It moves the current account, its balance, and the payments attached to that current account. Direct Debits and standing orders go with it. It is not an ISA transfer, and it does not pay the switch bonus.

How long does a bank switch take?

See What CASS is (and what it is not) above.

Does switching banks affect your credit score?

Applying for a new current account typically involves a credit search. CASS itself does not say whether that search is soft or hard. That is the bank’s own application process. CASS does not define the search type.

Does CASS move savings accounts or ISAs?

No. CASS does not move savings accounts. It does not move Cash ISAs or Stocks and Shares ISAs. Those stay where they are unless you move them separately. CASS is not an ISA transfer. Easy-access and notice savings are covered on their own pages.

Does the Switch Guarantee pay the switch bonus?

See What CASS is (and what it is not) above.

What is first direct’s switching bonus?

first direct’s provider bonus is £210 as of 18 October 2026: £175 plus a £35 extra for accounts opened between 14 September and 2 December 2026. That is the bank’s published cash figure. An extra voucher appearing on some third-party pages is not money paid by HSBC or first direct, and it is not added here. HSBC and first direct share a banking licence.

What is Nationwide’s switch bonus?

Nationwide’s switch offer is £175 (checked on Nationwide’s own page and terms on 18 October 2026; the offer runs from 21 May 2026 until Nationwide ends it). Switch to a new or existing FlexDirect, FlexAccount or FlexPlus from a non-Nationwide, non-Virgin Money current account with a full Current Account Switch Service switch that moves at least 2 active Direct Debits; the switch must complete within 28 days. Within 31 days, pay in at least £1,000 and make at least one debit card payment. It must be your first Nationwide switch offer on an eligible sole or joint account since 2021. Nationwide pays the £175 within 10 days of you meeting all the conditions and may end, change or replace the offer at any time.

Can a switch bonus fail after CASS has completed?

Yes. Switch bonuses usually sit on top of CASS, with extra rules. Typical traps include being an existing customer, a previous incentive, a minimum pay-in, two or more Direct Debits, and holding until paid. CASS completing is not proof the bonus will pay.

Do HSBC and first direct share deposit protection?

Yes. HSBC and first direct share a banking licence, and brands that share a banking licence count as one bank for FSCS cover. Eligible deposits are protected up to £120,000 per person, per bank, building society or credit union, from 1 December 2025. Balances at both count toward one £120,000 deposit limit.

Does switching write off an overdraft?

See Overdraft, credit file, deposit protection and tax above.

What are the switching rules for a full switch?

A full switch through the Current Account Switch Service moves your balance, Direct Debits, standing orders and incoming payments to the new account on a date you choose, and closes the old account. Payments to the old details are redirected. A partial switch, where the old account stays open, isn’t covered in the same way and usually doesn’t count for switch bonuses. Each bonus also has its own rules, set by the bank. More in our switching FAQs.

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