Bank switching bonuses in July 2026: what to check before you move
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Several banks are offering £100–£200 to switch via the Current Account Switch Service. Bonuses need qualifying direct debits and sometimes minimum pay-ins — compare ongoing fees and FSCS licence grouping too.
By Money Guide editorial team
Updated:
Current Account Switch Service guarantees move of payments within seven working days with redirection for three years. Summer 2026 switching incentives from major banks typically require two active direct debits and a minimum monthly pay-in.
A switching bonus is taxable if it is a cash reward from the bank — HMRC may collect through PAYE on large amounts, though many customers do not report small one-off payments. Check the bank's terms for eligibility windows.
Compare the account after the bonus: overdraft rates, overseas fees, packaged insurance you do not need, and whether the brand shares an FSCS licence with accounts you already hold (£85,000 limit per licence).
Halifax customers are being migrated to Lloyds branding in 2026 — existing sort codes and guarantees continue, but watch for product changes at renewal.
See our best current accounts explained guide and bank switching bonuses hub.