HSBC brought back its £200 switching offer last week, throwing down the gauntlet to offers from Natwest and First Direct.

To qualify for cash incentives for switching you need to close your old account and switch banks using the Current Account Switch Service (CASS). The service automatically moves across all payments, direct debits and standing orders to the new account.

The best cash switching incentives

HSBC: £200

HSBC is offering new customers £200 if they switch to an HSBC UK Advance or Premier Bank Account.

To receive the cash, customers must apply for a HSBC Advance or Premier Bank account, go onto successfully open the account and then start the switch from their existing bank within 30 days.

The full switch to HSBC must include at least two direct debits or standing orders, and customers must also deposit at least £1,500 into the new account within 60 days of opening. The £200 will be paid within 20 days of the these criteria being met.

Customers can’t apply for the switching incentive if they have held an HSBC UK current account since 1 Jan 2020 or opened a First Direct current account since 1 Jan 2020. However, they may hold a First Direct account if it was opened before 1 Jan 2020.

NatWest/RBS: £200

NatWest has been running a £200 switching bonus since February.

New and some existing customers switching their everyday banking to NatWest or RBS online or via its mobile app can get £200 within seven days, if they meet certain eligibility criteria.

To get the money from NatWest, you’ll need to complete the move via the CASS, log into mobile banking and deposit a one-off £1,250 within 60 days. You’ll then get the £200 within a week.

However, if you have already received a switching bonus from NatWest, RBS or Ulster Bank since 1 October 2017 you won’t be eligible for the incentive.

There’s no end date published for this offer – but it can be withdrawn at any time.

First Direct: £175

First Direct is currently offering a £175 switching bonus for new 1^st Account customers.

To get the cash, you need to pay in a minimum of £1,000 within three months and you can’t have held a First Direct or HSBC current account since January 2020.

You might also be eligible for a 0% £250 overdraft.

The 1^st Account offers a linked 7% regular saver on up to £300 a month – this is the highest regular saver interest rate on the market.