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In a competitive move to attract customers, several leading UK banks are offering up to £175 in cash incentives for individuals willing to switch their current accounts. This surge in promotional offers comes as financial institutions vie for public trust in an economy marked by stubborn inflation and cautious consumer confidence.

Among the most notable offers, First Direct, Lloyds, TSB, and Santander are providing cash payments to new customers who use the Current Account Switch Service (CASS). The scheme, which guarantees a seamless account switch within seven working days, has facilitated over 10 million account moves since its launch in 2013.

According to industry analysis published this month by Moneyfacts and Smart With Points, Nationwide Building Society continues to lead in customer satisfaction, ranking highest for service quality and digital banking experience. Its recent switching bonus of £200 earlier this year helped drive a significant influx of new customers. While that offer has since expired, others remain active, offering consumers real value for simply moving their banking.

“Challenger banks and legacy banks alike are now competing more aggressively for customer loyalty,” said savings analyst James Hyde in a recent interview with MoneyWeek. “With tighter lending margins and growing overheads, it makes sense that they would offer upfront rewards to acquire stable account holders who deposit monthly wages and pay bills through direct debit.”

The process to claim the reward is relatively simple. Customers must usually open a new account online, switch from an eligible existing account using CASS, and meet minimum deposit and usage requirements within a certain time frame—typically within 30 days. In return, they receive the reward directly into their new account.

For many, the incentive is more than just about money. Reliability, app functionality, and in-person support are also deciding factors. In the most recent Which? consumer banking survey, Chase UK and First Direct topped the charts for customer service and ease of use, with both banks continuing to expand their presence and customer benefits.

While the offers are generous, financial experts warn customers to read the fine print. Some bonuses are limited-time only and subject to account activity, while others exclude customers who’ve previously claimed a switching reward from the same bank within a certain period.

These banking incentives come at a time when many UK residents are seeking to maximize personal savings amid economic uncertainty. The government’s fiscal priorities, however, have done little to bolster consumer optimism, with tax burdens near post-war highs and little in the way of relief for everyday account holders. In the absence of meaningful reform, private-sector competition appears to be doing the heavy lifting.

As competition heats up, banks are expected to continue rolling out new incentives—whether through cashback, interest-rate boosts, or premium customer service offerings. For now, a straightforward switch could put £175 or more directly into consumers’ pockets, making it one of the simplest financial wins currently available on the high street.