Best bank account switching deals May 2025: how to make up to £175

The Co-operative Bank has relaunched its switching incentive, offering up to £175 to eligible customers who move their current account.

Before moving your account, it’s important to see how your new bank measures up for customer service, and this is where Which? can help. 

Read on for a breakdown of the latest switching offers (ordered by newest first), how they compare and their key eligibility rules. 

If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for you.

Latest bank account switching incentives

• The Co-operative Bank – £175
  
• NatWest – £150
• First Direct – £175

 The Co-operative Bank: £175

The Co-operative Bank will pay an initial £100 for switching bank account and an additional £25 a month for three months if you hit certain criteria. 

New customers must apply for a Standard Current Account or Everyday Extra account. This packaged bank account includes worldwide travel insurance, UK and European breakdown cover and mobile phone insurance. It currently costs £15 a month, but this will increase to £18 a month from July. 

How to get £175: You'll be paid £100 within 30 days if you deposit a minimum of £1,000 (this can include funds moved over during the switch), have two active direct debits, make at least 10 debit card or digital wallet transactions (pending transactions don’t count) and register for online or mobile banking.

To get paid £25 for three months (£75 total), each month you must deposit at least £1,000, have two active direct debits and make at least 10 debit card or digital wallet transactions.

What’s in the small print? You can't have benefitted from a switch incentive with the Co-operative Bank since 1 November 2022.

Existing customers of the Co-operative Bank can also qualify, as long as they hold a Standard Current Account, Everyday Extra, Current Account Plus, Privilege or Privilege Premier. They must request a full switch from a non-Co-operative Bank account into their existing account while the offer is live.

The switch must be completed within eight weeks of your request. 

Is the Co-operative Bank a good provider? In our latest survey, it got a satisfaction score of 73%, ranking joint 12th out of 20 providers. It scored three stars out of five in every category we rated it on. 

The Co-operative Bank is also one of only three Which? Eco Providers, meaning it has no exposure to fossil fuels in its banking activities.

In a recent review of online banking security, it ranked last out of 11 providers, scoring 61%.

When the deal ends: There’s no set end date but it can be withdrawn at any time

• Find out more: best bank and bank accounts 2025

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NatWest: £150

NatWest is offering £150 to new and existing customers who switch their main current account to a 'Reward' account.

The Reward account has a £2 monthly fee, but allows account holders to earn back up to £5 a month in rewards. This means you'd have a net gain of £36 per year. 

Rewards consist of a payment of £1 for logging in to the mobile app, and £2 for each of the first two direct debits.

Account holders can also get between 1% and 15% cashback at some retailers.

How to get £150: To qualify for the bonus, you must apply for an account online or via the NatWest mobile banking app, using the Current Account Switching Service (CASS). 

Existing customers must switch a current account from another bank into their NatWest account and convert it to a Reward account. 

Within the first 60 days of having the account, you'll need to deposit a total of £1,250 and log in to the mobile banking app at least once.

Upon meeting these conditions, your £150 bonus will be paid into your account within 30 days.

What's in the small print?: You won’t be eligible for the offer if you’ve received a switch incentive from the NatWest group, including RBS and Ulster Bank. 

Is NatWest a good provider?: NatWest achieved a satisfaction score of 75% in our most recent survey of the best banks, leaving it joint seventh out of 20 providers.

It scored well for its online banking service and its mobile app, receiving four stars for each. 

However, it only achieved a middling rating of three stars for telephone service, branch service, contacting customer services, and its customer service in general.

In our recent online banking security analysis, NatWest ranked first out of 11 providers, achieving a score of 87%.

When the deal ends: There's no set end date, but it can be withdrawn at any point. 

• Find out more: how to switch your bank account

First Direct: £175

First Direct only offers one current account, but it packs a punch.

The 1st Account comes with no monthly fee and offers a £250 interest-free overdraft buffer. However, if you borrow more than £250, you'll pay 39.9% EAR.

It also offers fee-free spending abroad. Before the bank scrapped its fees in 2023, customers used to pay 2.75% to withdraw cash or spend money abroad.

How to get £175: You’ll need to use the CASS to be eligible for the offer, and switch at least two direct debits or standing orders.

Other requirements include depositing a minimum of £1,000 into the account within 30 days of opening, and registering and logging in to digital banking. 

What’s in the small print: This deal is only available to new customers who haven’t previously held a First Direct product. 

You also won’t be eligible for this deal if you held a HSBC current account on or after 1 January 2018.

Is First Direct a good provider?: First Direct consistently ranks among the top banks, achieving an impressive 83% customer satisfaction score in our latest survey, placing it 1st out of 20 providers. It’s also been named one of our Which? Recommended Providers. First Direct earned the full five stars for its online and mobile banking service and its customer service. 

In our online banking security review, First Direct ranked joint fifth out of 11 providers, with a score of 74%.

As a division of HSBC, First Direct is covered by the Financial Services Compensation Scheme (FSCS), but it’s important to keep in mind that the £85,000 FSCS protection limit applies across both brands. If you have accounts with both First Direct and HSBC, ensure your total deposits across the two are below this threshold to stay fully protected.

When the deal ends: There’s no end date listed for this deal, but it can be withdrawn at any point.

• Find out more: best debit cards to use abroad