The UK bank switching guide
How to make money from switching banks, legally, in your spare time.
What is bank switching?
Every year UK banks compete hard to win your current account. Their weapon of choice: free cash directly in your bank.
Switch your current account from one bank to another and banks will pay you anywhere from £125 all the way to £500 just for making the move. The switch takes 7 working days, happens automatically and is completely protected by law.
Most people have no idea this exists. The ones who do can make thousands every year extra by doing nothing extraordinary.
How does it work?
The Current Account Switch Service (CASS) is a government backed scheme that makes switching banks completely seamless.
When you switch:
- Your new bank handles everything
- All Direct Debits and standing orders move automatically
- Your salary redirects automatically
- Any payments sent to your old account are redirected for 3 years
- Your old account closes automatically
- The whole thing takes 7 working days
You don't need to contact your old bank. You don't need to update your employer. You don't need to do anything except open the new account and request the switch.
Why was the Current Account Switch Service created?
Before 2013, switching banks was a genuine nightmare. Customers had to manually move every Direct Debit, standing order and payee themselves, notify their employer separately and hope nothing fell through the cracks in the process.
Unsurprisingly, almost nobody bothered.
Banks knew this and had little incentive to offer competitive products or treat existing customers well. Loyalty was essentially guaranteed through frustration and inertia. The UK government recognised this was costing consumers billions and killing competition in the current account market.
So in September 2013 they launched the Current Account Switch Service, making switching seamless, automatic and risk free in just 7 working days.
The switching bonuses you see today are a direct result of that. Banks now have to actively compete for your business rather than rely on you being too frustrated to leave. And that competition puts real money directly in your pocket.
What do banks actually ask you to do?
The requirements vary between banks but they're all designed to make sure you're genuinely using the account rather than just opening it for the bonus and doing nothing.
The good news: none of them are difficult. Here's what we typically see.
Pay money in
Almost every deal requires you to deposit a minimum amount, usually between £1,000 and £2,000. This can be your salary, a transfer from another account and sometimes multiple smaller payments. It just needs to land in the account within the timeframe given.
Set up Direct Debits
Most deals require 2 or more active Direct Debits to be running from your new account. These can be anything: energy, broadband, council tax, mobile phone, Netflix. If you don't have enough, set up a new one before switching. Some will have specific Direct Debits only, so check the terms.
Spend on the debit card
Some banks like HSBC sometimes require you to spend a set amount on your new debit card within a timeframe.
Log into the app
NatWest and a handful of others require you to log into their mobile banking app at least once. Download it, log in, done. Takes 30 seconds.
Switch a full account
Every deal requires a full switch via CASS, not just opening a new account. This means your old account closes and everything moves across automatically.
Who can't do it?
Most people are eligible for at least some of the deals available right now, but there are a few things that can rule you out. Here's what we typically see.
You've already claimed a bonus from that bank
Every bank keeps a record of previous switching bonuses. If you've claimed one from them before, even years ago, you won't qualify again. This is why doing them in the right order matters.
You're switching from an account the same bank owns
Banks operate under group structures and switching between brands they own doesn't count. The most common examples are NatWest and Royal Bank of Scotland, both owned by NatWest Group. HSBC and First Direct, both owned by HSBC Group. Lloyds, Halifax and Bank of Scotland, all part of Lloyds Banking Group. Switching between any of these often won't qualify you for the bonus and in most cases will disqualify you entirely.
You already hold an account with that bank
Most deals require you to be a new customer. If you currently have or recently had an account with that bank, even a savings account or credit card in some cases, you may not qualify. Always check the eligibility criteria carefully before applying.
You opened an account with them too recently
Some banks set a cut off date. NatWest for example won't pay the bonus if you held an account with them on a specific date. HSBC won't pay if you've had any HSBC or First Direct account since January 2023.
You apply for a joint account when the offer is sole only
Several deals, including HSBC and Barclays, are only available on sole accounts. Applying jointly will disqualify you from the bonus automatically.
How much can I make?
The honest answer: it depends on timing.
Most banks only allow you to claim a switching bonus once every few years, and some will disqualify you permanently if you've claimed before. That means you can't cycle through the same banks indefinitely.
But in peak periods, when five or six banks are running deals simultaneously, a single run through every available offer can put over £1,000 in your pocket in a matter of weeks. Do it as a couple and that number doubles.
- NatWestPremier Select account£500
- SantanderEveryday Current Account£240
- HSBC UKBank Account£220
- First Direct1st Account£210
- NatWestSelect or Reward£200
- Royal Bank of ScotlandSelect or Reward£200
- Ulster BankSelect£200
- LloydsClub lloyds £200 bank switch£200
- NationwideFlexDirect, FlexAccount or FlexPlus£175
Read from the same records our comparison page serves, so this list is what is live today rather than what was live when the guide was written.
These deals change constantly. New ones launch, deadlines pass and bonuses get updated without warning. The list above is read from our own shelf every time this page is built, and every deal on it is checked against the bank's own page.
Every live switching offer, what each one asks and when it pays.
Compare switching offersLast reviewed by William.
Questions people ask
Does switching hurt my credit score?
Opening a current account leaves a mark on your credit file, and applying for several in a short period is visible to lenders. The switch itself is not the problem; the applications are. If you are about to apply for a mortgage, leave switching alone until that is done.
What happens to payments sent to my old account?
They are redirected to the new account for 3 years, automatically, and whoever sent them is told your new details. That is part of the Current Account Switch Service rather than something your bank chooses to offer.
Can I keep my old account open?
Not on a full switch. CASS closes the old account as part of the move, and every bonus we list requires a full switch. If you want to keep the old account, you are looking at opening an account rather than switching one, and the bonus will not be paid.
How long until I get the money?
The switch takes 7 working days. The bonus is separate and usually lands within 30 to 90 days of you meeting the conditions, and each bank states its own window. Our comparison page carries the payout window for every offer.
Can my partner and I both do it?
Yes, on sole accounts, and it is the single easiest way to double the money. Several offers are sole only, so a joint application would disqualify you. Check each one before applying.