Nationwide, Co-op and Natwest paying up to £175 to switch

After new figures from the Current Account Switch Service (CASS) showed that more than 40,000 customers were paid a switching bonus by Nationwide Building Society in the final three months of 2025 alone, other banks have put out competitive offers.

The surge has been driven in part by its ongoing £175 switching incentive, which is still available.

Why customers are moving

Switching offers tend to spike when competition intensifies - and right now banks are battling hard for everyday customers.

Nationwide’s £175 bonus has proved particularly popular. On top of that, eligible members have also benefited from its £100 “Fairer Share” payment, paid out in each of the past three years as part of its member-owned model.

Fred Powell, Head of Product at Nationwide, said customers value “great service, choice and convenience”, adding that millions have received Fairer Share payments in recent years.

With its switching offer still running, Nationwide says there is currently “a sizeable gap” between it and its nearest rival in switching gains.

How the £175 switch bonus works

While exact eligibility criteria apply, customers typically need to:

• Use the Current Account Switch Service (CASS)
• Transfer active direct debits
• Meet deposit or activity requirements

CASS guarantees a full switch within seven working days, moving direct debits and standing orders automatically.

For many, the appeal is simple: £175 for switching can be the equivalent of months of interest on cash sitting in a low-paying account.

Co-op also offering up to £175

Nationwide isn’t alone. The Co-operative Bank has also relaunched a switching deal worth up to £175.

Its offer includes:

• £100 upfront for switching
• £25 per month for up to three months (if conditions are met)

However, customers must meet a list of criteria, including minimum deposits, debit card usage and active direct debits.

The Co-op’s Everyday Extra account carries an £18 monthly fee but includes travel insurance, mobile phone cover and breakdown assistance — meaning customers need to weigh whether the perks justify the cost.

Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, says: “As is the case when switching to any account, customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Excellent Moneyfacts product rating.”

NatWest launches £150 switch deal with 7% savings perk

Now NatWest has entered the switching battle with a £150 cash offer, plus access to a 7.00% AER regular saver for one year.

According to Alastair Douglas, CEO of TotallyMoney: “NatWest is the latest bank to offer cash for new customers. In this case, you can bank £150, and receive an inflation beating bonus savings rate of 7.00% AER for a year.

“To secure the bonus, all you have to do is open a new Select or Reward account, deposit at least £1,250, and use the NatWest app within the first two months of moving. The offer is more straightforward than some of the others on the market – and the main thing to note is that you're only able to save a maximum of £150 per month.

“If you’re interested in switching banks for cash, then make sure you shop around. Some will also offer interest-free overdrafts, cashback on purchases, and other perks. And with several high street banks announcing that they’ll be closing branches over the next two years, you might find there's even fewer reasons to stick with your current provider.”

The 7% rate is eye-catching, but the monthly deposit cap of £150 means maximum interest earnings are limited.

Why switching is surging again

After years of inertia, switching activity is climbing as customers look for better value amid higher living costs.

Key drivers include:

• Cash incentives of £150–£175
• Improved digital banking features
• Loyalty-style payments such as Fairer Share
• Faster, guaranteed switching through CASS

For banks and building societies, switching bonuses are a powerful way to win long-term customers — especially those who may later take out savings products, loans or mortgages.

Is it worth it?

For organised customers who can meet the criteria, switching bonuses can be easy money.

But experts warn to check:

• Monthly account fees
• Overdraft interest rates
• Minimum funding rules
• Whether perks are genuinely useful

Switching repeatedly in a short period could also impact your credit profile, so it’s worth spacing moves carefully.

With £175 on the table and tens of thousands already cashing in, 2026 could be another big year for bank switching. For customers willing to compare deals and read the small print, moving accounts may deliver a quick financial win.