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International Business Times UK
International Business Times UK
Regyl Jaen

Could You Really Earn £220 by Switching Banks? What Savers Need to Know

Hargreaves Lansdown Sarah Coles United Kingdom Barclays HSBC NatWest
Sticking with the same bank for years could mean missing out on better rates and hundreds of pounds in switching bonuses. (Credit: Editorial illustration created with ChatGPT OpenAI)

Several UK banks are offering cash rewards to customers who switch current accounts, with standard switching bonuses ranging from £175 to £220. HSBC, Nationwide, NatWest, and Barclays are among them.

However, the upfront payment is only part of the potential gain. Savers could also benefit by moving money from an old account to one paying a higher interest rate.

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