Best Bank Account Switching Deals for July 2025: Get Up to £175 Free Cash

With banks competing fiercely for new customers, July 2025 brings some of the most generous current account switching bonuses we’ve seen this year. Barclays has just launched a market-leading £175 incentive – but is it the right deal for you? We analyze all the top offers and what you need to know before switching.

Current Top Switching Bonuses (July 2025)

1. Barclays: £175 (New July offer)

2. NatWest/RBS: £200 (Existing customers only)

3. First Direct: £175 (Includes 7% regular saver)

4. HSBC: £160 (Plus £20 monthly cashback option)

5. Lloyds: £150 (With Club Lloyds benefits)

Source: MoneySavingExpert’s switching guide

Barclays £175 Switch Offer: Full Details

Available on:

• Barclays Bank Account (standard)

• Premier Current Account (for higher earners)

Key requirements:
✔ Switch via Barclays app using CASS
✔ Transfer at least 2 active direct debits
✔ Deposit £1,500 within 30 days
✔ For standard account: Join Blue Rewards (£5/month)

Bonus payment: Within 28 working days of meeting conditions

Exclusions:
✖ Existing Barclays customers
✖ Previous switch bonus recipients
✖ Joint account applications

Is Barclays Right For You?

According to Which?’s latest bank survey, Barclays scores:
⭐ 72% customer satisfaction (Joint 12th/20)
⭐ 4/5 for mobile/online banking
⭐ 3/5 for branch service
⭐ 78% security rating (4th/11 providers)

The £5/month Blue Rewards package includes:

• Up to 15% cashback at selected retailers

• Competitive savings rates via Rainy Day Saver

• Apple TV+ subscription

• Seasonal offers

Key Considerations Before Switching

1. Check eligibility carefully – Many deals exclude existing customers

2. Compare ongoing benefits – Some accounts offer better long-term value than the bonus

3. Review customer service ratings – A bonus isn’t worth poor service

4. Plan your switch – Ensure direct debits will be active during transfer

When to Act

The Barclays offer runs until 28 August 2025, but banks can withdraw promotions early if oversubscribed. First Direct’s popular deal (with its market-leading 7% regular saver) is also expected to change soon.

Pro Tip: If you’ve never banked with HSBC group, their £160 offer combined with the 5% regular saver may provide better long-term value.

For the latest updates on all switching deals, bookmark This Is Money’s banking page.

Have you recently switched accounts? Share your experience in the MoneySavingExpert forum.