It’s Easy to Get Cash Rewards for Switching Banks!
Switching bank accounts for cash bonuses is quick, simple, and rewarding. With some banks lining up to pay you for your business – whether it’s through free cash, rewards, or perks – there’s no reason not to switch! What’s even better? You can switch more than once, earning hundreds in free bonuses.
This guide isn’t just another bank switch guide – it is the ultimate bank switch strategy. Powered by the knowledge of the BeermoneyUK Reddit community, where we pool together our experiences and up-to-date offers to help people maximise their rewards from trying out banks.
Key Bank Switch Offer Takeaways
- Maximise Your Rewards: You can claim hundreds of pounds in bonuses by switching to multiple banks, without closing your main account.
- Current Account Switch Service (CASS): The CASS handles everything for you, including moving your direct debits, standing orders, and payments automatically.
- No Limits: There’s no cap on how many times you can switch, but many banks will only pay out once per offer. Some banks allow you to reapply after being a non-customer for a certain period (e.g., 3 years).
- Quick Process: The switch process takes just 7 working days, and all your payments are automatically redirected to your new account for at least 3 years.
- Easy to Qualify: Meet simple requirements like setting up two direct debits or making minimum monthly deposits (e.g., £1,000).
- Repeat for More Rewards: After receiving one bonus, you can easily repeat the process with different banks to keep claiming rewards.
- Switch a Secondary Account: Open a “burner” account to keep your primary banking intact while switching for bonuses.
- Timing Matters: Some offers have expiry dates, so pay attention to when they end. You can also prioritize offers that pay out quickly.
Current Bank Switch Offers
Want to get paid a switch reward to try a new bank? Below are the best current account bonuses available right now. Whether you’re new to switching or a seasoned pro, this table will help you maximise your rewards and take full advantage of the cash bonuses, perks, and benefits on offer from UK bank promotions. Don’t wait – switch today and start claiming your rewards!
The Simple Step-by-step Guide to Bank Switching
Switching your bank account for rewards doesn’t have to be complicated. Follow this easy step-by-step guide to ensure you meet all the requirements and maximizing rewards from current account switching. Whether you’re switching for the first time or looking to maximize your rewards, this guide will walk you through the process and get you on your way to claiming your bonus.
Step 1: Open a Secondary Bank Account
To keep your main account untouched while still claiming rewards, open a secondary basic current account with a bank you’re already with or one that doesn’t offer switching bonuses.
Chase is a great example of a bank to use as a switching base, as it allows you to create additional accounts alongside your primary account (which may have cashback rewards) without affecting your eligibility for other offers. This way, you can continue earning rewards on your main account while switching secondary accounts to claim new bonuses.
Note: Revolut, Monese, etc. are not part of the Current Account Switch Service and so are not eligible to switch.
Using Chase Bank as a Switching Base
- Open the Chase App.
- Under Current Accounts, click Add +.
- Follow the steps to create your additional Chase account:
- Enter a nickname for your new account.
- Confirm the details.
- No need to choose Spend from here.
- Use your secondary account details to switch.
- When applying to switch, use the normal Chase card details (there is only 1 card, no matter how many Chase accounts you open). Tap the three dots in the top right corner to open the menu.
Step 2: Set Up Direct Debits/Standing Orders
Most banks require you to transfer at least two active direct debits as part of the criteria to qualify for the bonus (for some it can be standing orders). So before starting the switch, you’ll need to set up direct debits or standing orders on the new account.
- Tip: You don’t have to set up large payments. Use services like Plum, Sprive, or Wealthify to set up low-cost debits. These services can help you meet the requirements quickly without additional costs.
- Note: I created the Scrimpr 50 Pence Direct Debit Service (see below) to make it easier for users to set up inexpensive direct debits, ensuring you meet the bonus requirements without breaking the bank.
The BeermoneyUK / Scrimpr 50 Pence Direct Service
Many people often ask how they can set up inexpensive direct debits to satisfy bank switch offer criteria. We created a service to help people achieve this. By subscribing to the Scrimpr 50 pence or £1 direct debit, you can easily set up cheap monthly direct debits on your bank account. Click here to find out how to set up these payments on your account.
Step 3: Apply to Start the Bank Switch
First, apply for the new account with the bank offering the bonus. During the account opening process, you’ll be asked if you want to use the Current Account Switch Service (CASS) to transfer your exisiting current account (complete with direct debits, standing orders, and regular payments) to the new account. CASS is a free service that ensures a smooth and hassle-free switch.
- Tip: If you’re opened a secondary “burner” account, you won’t need to switch your main account – just the new one.
- Some banks allow you to initiate the switch after opening the account, so you can choose when to apply for CASS. Make sure to confirm this during your sign-up.
- Accept cookies on individual offerwall pages (you may need to scroll)
Need help with a specific bank?
Check the bank switch offers table above for a detailed list of current bank switch offers and step-by-step guides for each bank. These guides will walk you through the switch process and provide any bank-specific details you need to know.
Step 4: Pay in the Minimum Amount to the New Account
You may need to deposit a minimum amount (typically £1,000 or more) into the new account within the bank’s required time frame.
- Tip: You don’t need to keep the money in the account permanently. You can transfer it in and out, or spend it, as long as the total amount meets the required minimum. However, money should generally stay in the account for at least 24 hours to ensure it counts towards the requirement.
- Example: If the requirement is £1,000, you can deposit £500, then transfer £500 again to meet the requirement.
- Note: It’s not wise to immediately send money in and out of the account to new payee details (i.e. your own bank account) as this could trigger anti-fraud measures, which may delay the process or cause issues with your deposit.
Step 5: Complete the Bank Switch Using CASS
Once paid the minimum amount, let CASS handle the rest of the process. It will automatically transfer your direct debits, standing orders, and any payments meant for your old account to the new one.
- Note: The switch usually takes seven working days. During this time, you’ll still have access to both your old and new accounts, ensuring there’s no disruption in your banking.
Step 6: Meet Any Additional Bank Requirements
Some banks have additional criteria, such as making a certain number of debit card transactions or meeting minimum pay-in requirements.
- Tip: These requirements are typically easy to meet. You can make small debit card payments, such as buying coffee or groceries, or use services like PayPal to process quick transactions.
- Tip: Be sure to check your bank’s terms and conditions to see exactly what you need to do to qualify.
Step 7: Receive Your Bonus
Once all conditions have been met, your cash bonus will be paid into your new account. Some banks pay quickly, while others take longer.
- Tip: Keep an eye on your account for the payment. If you haven’t received it within the specified timeframe, contact customer support to check on your eligibility.
Step 8: Repeat for More Bonuses
Once you’ve received your first bonus, feel free to open another secondary account with a different bank and repeat the process. There’s no limit to how many times you can switch, but some banks have waiting periods (e.g., 3 years) before you can claim another bonus.
- Tip: Be strategic about the order of your switches. Prioritize banks with the best offers or those that are about to expire.
- Tip: Keep track of your switches and ensure you meet any terms that are unique to each offer. Some banks offer better bonuses for joint accounts, so don’t forget to consider that as well.
- Tip: Don’t like your new bank? If you’re not satisfied with your new account, you can always switch again! Just be mindful of the waiting periods and conditions for switching back to a bank you’ve previously used.
Additional Tips for Successful Bank Switching:
- Keep your records organised: Track all the bank accounts, direct debits, and bonuses you’ve claimed. This will help ensure you don’t miss any deadlines or important steps.
- Avoid switching your primary account: It’s better to switch secondary accounts to avoid the disruption of your everyday banking, and to maintain your credit score.
- Be aware of the credit check: Most new bank account applications, especially when switching to a new bank, typically involve a hard credit check. This can slightly impact your credit score, so if you have any upcoming major credit applications (such as a mortgage), it’s a good idea to time your switch carefully. Avoid making multiple applications in a short time if you need to maintain a strong credit score.
The Original Reddit Guide to Bank Switching - The Beermoney UK Bank Switch Bribe Bible (AKA The Bankedex)
My original Bank Switch Guide was posted (and still is) on the r/BeermoneyUK forum on Reddit. I compiled that guide, also known as the Bankedex, with the invaluable help of the entire BeermoneyUK community. When we first put this community-driven guide together, many users would ask and answer questions on the forum—and they still do. If you have a burning question or need further advice after reading this guide, the community is always ready to help with answers and insights.
This new guide builds on the information from the Bankedex, providing step-by-step instructions and the latest bank switch offers to help you make the most of the rewards available. Whether you’re new to bank switching or looking for the best strategies, the Bankedex and this guide are both excellent resources for maximizing your bonuses.
Frequently Asked Questions about bank Switch Offers
General Information about Bank Switch Offers and Bonuses
They want your business. Banks like fighting each other for customers. Most of them know they can’t win by highlighting their outdated systems and products, so they fight each other by offering potential customers cash bonuses (bribes) to switch their “main” bank account.
No. The Current Account Switch Service (CASS) makes switching your account between most banks smooth and effortless. You do not have to do anything apart from apply for and set up a new account at a different bank and tell them you want to switch your account to them. Everything is transferred automatically (except recurring card payments).
Approximately one week. But some banks do take longer, it usually depends on how many applications they get.
We can’t predict the future. But this is not a new thing. Banks have been offering bribes on and off for many years.
Usually, there is still time. Most terms state that all customers who apply for a switch prior to the deadline (or offer being removed) will remain eligible. However, it is always best to check the details of specific offers.
Yes. See question above. Most banks require the card details of your existing account.
Strategies for Bank Switching
It is advised to leave your main bank account alone. Instead, switch a secondary bank account, or open a new account at your current bank to be used just for switching.
Recommended steps:
Open a second current account with your main high street bank (must be part of CASS service)
Set up direct debits on the second account (if required). Click here to use our cheap 50 pence or £1 direct debit service to satisfy these criteria.
Add £1 to your second account. This will be transferred to your new account, allowing you to see when the switch has been completed.
Apply for a new account and arrange to switch to your second bank account (sometimes this is during the application process, other times it is after the account is opened).
Let the current account switch service take care of everything.
Make sure all other terms are met (e.g. pay in money if needed).
Receive your bank switching bonus.
- Switch again!
You will hear about lots of people rushing through all of the switch bonuses available. These offers have been coming and going for years, my advice is to do an offer that tickles your fancy and try out a new bank. Then, if you decide you do not like your new bank you should sample another bank and get paid again!
You could. But you don’t have to, and you probably shouldn’t. Many people have second bank accounts. One option may be to open up a second account with your current high street bank, add some direct debits to this second account and then switch it to the new bank you want to try out. On the sub, people also like Starling or Monzo as they are easy to set up (but you might want to switch back to them at the end – their functionality wins vs any usual high street bank).
High-street banks also let you open multiple accounts. If you already have an account with one, you might want to open an additional one with your current bank first (Halifax, NatWest etc are reported to allow several current accounts and to be fast to open).
No. You must switch a bank account that is part of The Current Account Switch Service (CASS). Most high street banks are included. But some Neo Banks are not (e.g., Kroo, Revolut, & Monese are not included). You should try to avoid switching your main bank account. You can always open an additional account just to switch.
Yes. This is actually the best way to take part in bank switching offers. It’s best to keep your main account where it is (as account stability is a factor in your credit report),
Most of them. And most of the time, banks will not perform a credit search when you open a second account. In the bank switching community on r/beermoneyuk, Chase and Lloyds bank are favourites for opening up “burner” accounts just for switching.
Sometimes. With some banks (e.g. Nationwide), you can get a bonus for switching one sole and one joint current account. Other banks will pay you to switch again, as long as you have not had a bonus in a specified amount of time. You will need to check individual offer terms.
You need to check the individual offer terms.
A burner account is an account opened solely for the purpose of switching. Lots of people open these with Monzo and Starling because they provide the card details within the app on account opening.
However, Starling does not let you return within 12 months. With Monzo, it’s possibly a shorter one month that you have to wait.
If you open an account with these banks – you will likely find you like them and will not want to switch away.
Using the Current Account Switch Service Process
There are two options. It depends on which bank you are switching to.
- During the application process. Many banks will ask if you want to switch an account during the application process. If so, just enter the details of your old account and the Current Account Switch Service will take care of the rest.
- Once your new account is open. Some banks require you to fill in a form after you have opened your new account. You just need to fill in your old and new account details, and then everything will be sorted automatically.
Usually, just the following three things:
- Sort code and account number.
- Debit card information
- Usually, but not always, 2 active direct debits on the account you are switching.
No. But it might be a good idea – this will allow you to see when the switch happens (i.e. when the money is transferred!). Also, any money transferred as part of the switch will count towards any deposit requirements for your new account.
Most online forms require card details, and some banks will cancel switch applications if you do not give card details. But you can usually switch such accounts over the phone.
Best not to. You are asked to enter the debit card information as part of the process.
Meeting Bank Switch Offer Requirements
No. You can transfer in and out. The total sent in has to be equal to or greater than the stated amount. You should be careful with this though, sending money in and out of an account can trigger anti-fraud measures.
Usually, just the following three things:
- Sort code and account number.
- Debit card information
- Usually, but not always, 2 active direct debits on the account you are switching.
No. But you can, and if you do, it will count towards the deposit requirement. If you don’t have the cash in your old account, you can just transfer it manually once your new account is open.
Yes. You can pay it before, after, or during. You can manually transfer it, or it can be transferred automatically from your old account.
Check individual offer terms. For serial switchers, it’s best to set up direct debits on your “burner” account. Leave them there so your account is ready to switch again!
An active direct debit is usually one where a payment had been taken in the last 13 months. But some bank switch terms require direct debits to have been paid out of the account. If an offer requires an active direct debit, it’s safer to switch to an account that has already paid out direct debits.
Nationwide answered this question here on Twitter.
There are many. But the best options are those to your own financial accounts. Some savings/investing platforms let you set up a direct debit to your own account,
- Ebay
- Moneybox savings account
- Plum savings account
- Your credit card
- Sprive Mortgage auto savings
- Wealthify Robo Saving
Switching Process and Timelines
You should probably wait for the switch to complete.
No. You will not receive the bonus if your account is closed when the bonus is due to be paid. Wait for it.
No. The bonus is paid to get you to try the account. If you do not like your new account, you are free to switch away and take your bonus with you.
No. If you do not like your new bank, and there is another bribe on offer, then switch again!
Yes. Most banks require the card details of your existing account.
Impact on Credit Score
Credit scores are a funny thing, What is more important is what is actually in your credit file. Obviously, if you apply for an overdraft then it will affect your “credit score”. However, if you do not have an overdraft or you make sure that you have paid off any overdraft before switching banks, then a single current account switch should not negatively impact your credit score. Nevertheless, typically all major banks (excepting Monzo and Starling) do a hard credit search, and this will be recorded on your file. If you plan on applying for a new mortgage soon then you may wish to exercise caution in switching between a load of banks. This is because the hard searches performed by banks will appear on your report and may have an effect for 6-12 months.
- Hard searches: Bank of Scotland (first account only), Barclays, Co-op, Clydesdale, Halifax (1st account only), First Direct, HSBC, Lloyds (1st account only), Monzo, Nationwide, NatWest, RBS, Santander, TSB, Ulster, Virgin Money.
- Soft searches: Starling, Metro Bank, and Chase
Unfortunately, banks keep their acceptance criteria a secret. You might be unlucky with one bank, but lucky with another.
Other Questions
Yes. Only the current account will be closed (some linked regular savers may be converted to normal savings accounts). You might want to consider if switching a secondary account is a better option. Also, some banks will block a switch if you have a linked savings product open (e.g. Chase).
Possibly. But it depends.
Unfortunately, banks keep their acceptance criteria a secret. You might be unlucky with one bank, but lucky with another.
No. You do not need to keep the online access (you could shut it down). But you may wish to retain these details in case your old bank suddenly appears with an offer that makes you want to switch back. Or open up a savings account.
Nobody out with the bank knows. You could try appealing, but your only way to find out more is to contact the bank.
Sometimes automated checks fail. If this happens, you may be asked to manually verify your application by visiting a branch or sending in a copy of your ID.
No. You can downgrade the account. But you should probably wait until you have been paid the bonus.
Usually, these are sent via post/email when you sign up. But some banks don’t have the account numbers on the card, or maybe letters get lost in the post. If this happens, wait for the card to arrive and contact their support. If you get a bot on the chat thing, type “speak to a human” repeatedly.