The Reddit BeermoneyUK Bankedex - The Bank Switch Bribe Bible

The BeermoneyUK Bankedex Bank Switching Guide
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BeermoneyUK (www.reddit.com/r/beermoneyuk) is the home of online money making in the UK. One of our favourite ways to earn a little money is by trying our new apps and services. The best of these bonuses come from UK high street banks, who are keen to entice people to switch from their current bank. To encourage customers who might be unhappy with their current bank, most banks offer up to £200 to give them a try. On Reddit, we keep track of these offers and point out the best ways to get paid to try a new bank – even if you wish to keep your current bank account open!

Click below to read the latest version of the “Bankedex”, otherwise known as the BeermoneyUK Bank Switch Bribe Bible. The BeermoneyUK Bribe Bible is regularly updated with all of the bank switch bonuses on offers. It also contains all of the information you need to make the most of these offers.

The Best Guide to Bank Switching Offers on the Internet - A Community Curated Resource from BeermoneyUK

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 Most of them know they can’t win by highlighting their outdated systems and products, so they fight each other by offering potential customers cash bonuses (bribes) to switch their “main” bank account.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

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:

  1. Open a second current account with your main high street bank (must be part of CASS service)

  2. Set up direct debits on the second account (if required).

  3. Add £1 to your second account. This will be transferred to your new account, allowing you to see when the switch has been completed.

  4. 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).

  5. Let the current account switch service take care of everything.

  6. Make sure all other terms are met (e.g. pay in money if needed).

  7. Receive your bank switching bonus.

  8. 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!

Do the offer ending soonest first. Then you might switch again. If you complete all offers in this post, you could earn yourself >£1000.

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.

See here for a full list of CASS banks.

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

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.

See here. Most banks do hard searches.
  • 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).

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.

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