Lloyds Bank, Barclays, Nationwide and NatWest offering free cash bonuses of up to £200 - full list

As it stands, seven big banking groups are in fierce competition to attract consumers and are dangling free cash bonuses between £175 and £200 in this ongoing bidding war.

Bank customers are being urged to take advantage of these deals via the Current Account Switch Service (CASS) before they are withdrawn from the market. Are you eligible?

Here is a full list of the banks and building societies offering free cash bonuses to Britons in 2025;

• Barclays - £200
• Co-Operative Bank - £175
• First direct - £175
• Lloyds Bank - £200
• Nationwide Building Society - £175
• NatWest - £175
• TSB - £180.

Each institution has structured its switching incentive differently, with some providing lump sum payments while others spread the bonus across several months.

Barclays leads the pack with its £200 switching incentive, which includes a complimentary Apple TV+ subscription valued at £9.99 monthly.

The bank's Blue Rewards account carries a £5 monthly charge and features a cashback programme for purchases.

Lloyds matches the £200 figure but prospective switchers should note the account fees , which are £5 monthly for Club Lloyds or £15 for Premier accounts.

Previous recipients of switching bonuses from Lloyds, Bank of Scotland or Halifax within five years are excluded from eligibility. Co-operative Bank structures its £175 incentive differently, providing £100 upfront followed by £25 monthly instalments over three months. Switchers must complete ten card transactions to qualify.

First direct matches Co-operative Bank's £175 total, supplementing this with a £250 interest-free overdraft facility and access to a savings account offering seven per cent AER. The bank provides immediate account access upon approval, including virtual card functionality.

Nationwide Building Society's £175 switching incentive arrives within ten days of meeting requirements. The building society, recognised as Which? Banking Brand of the Year 2025, operates 600 branches nationwide and offers three account options, including the fee-free Flex Direct.

NatWest's Reward account combines a £175 switching bonus with monthly cashback potential of £5, though customers pay £2 monthly fees. TSB provides £180 through a £150 initial payment plus £10 monthly cashback for three months.

LATEST DEVELOPMENTS:

• Rachel Reeves plots 'major shake-up' as savings tax raid on ISAs on the cards
• Pension tax raid options REVEALED as Rachel Reeves may 'reduce' HMRC relief - full list here
• Full list of best savings accounts of the week: Savers urged to switch to 7.5% interest rate

Alastair Douglas, the CEO of Totally Money, noted that "loyalty doesn't pay, but moving banks can", highlighting how the CASS simplifies the transition process.

The service automatically transfers balances, Direct Debits and regular income between accounts, with over 50 financial institutions participating and more than 11 million accounts already switched.

It should be noted that switching incentives require customers to transfer minimum two active direct debits, make an initial deposit within the first month and utilise the banking app.

Mr Douglas advises prospective switchers to "read the small print and make a check list, so you don't get caught out", as certain banks impose additional requirements beyond these standard conditions.