Bank switch bonuses: how they work and how to do them properly
Banks in the UK are paying £175–£220 right now to people who switch their current account to them. It sounds too good to be true, so let's be clear about why it isn't: banks make money from current account customers over many years, so paying £200 up front to win one is cheap marketing for them. Your job is simply to meet the requirements properly so the bonus actually pays out.
How switching actually works
Every switch offer runs through the Current Account Switch Service (CASS) — the official, bank-backed system that moves your account automatically. When you open the new account and request a full switch:
- Your balance, direct debits and standing orders all move across automatically.
- Payments sent to your old account are redirected for at least three years.
- Your old account is closed as part of the process.
- The whole thing takes seven working days, and it's covered by a guarantee — if anything goes wrong, the banks must put it right and refund any charges.
The usual requirements
Every offer has its own terms (always read them), but most ask for some combination of:
- A full switch via CASS — a partial switch usually doesn't count.
- Direct debits — commonly two or more active ones moved across.
- A minimum pay-in — e.g. depositing £1,000–£2,000 within a set period (it doesn't have to stay there; it just has to arrive).
- App login or debit card use — some banks require you to log in to their app or make card payments.
- Being a new customer — most offers exclude people who've had an account (or a bonus) with that bank recently, often within the last 1–3 years.
Do it with a spare account, not your main one
The single best tip in this guide: don't switch the account your salary and bills live in. Instead, open a basic second account (or use an old one you no longer need), set up a couple of small direct debits on it, and switch that account when a good offer appears. Your financial life stays untouched, and the switch becomes a tidy 20-minute admin task rather than a nervous week.
The mistakes that cost people their bonus
- Not reading the pay-in terms. "Pay in £1,500" sometimes means in one go, sometimes cumulative. The terms always say — read them.
- Direct debits that aren't really active. Some banks require the direct debits to actually collect a payment, not just exist.
- Missing the deadline. Requirements usually have to be met within 30–60 days of the switch.
- Having been a customer before. If you had an account with the bank years ago, check the eligibility dates before you bother.
Can you do more than one?
Yes — plenty of people work through several offers over a year, one at a time. Wait for each bonus to land before starting the next, keep a simple note of which banks you've held accounts with (it affects future eligibility), and space them out rather than opening several accounts in a short burst.
Which offers are live right now?
Offers change monthly — banks launch them, pull them, and relaunch at different amounts. We keep the current list, with amounts and requirements, on our offers page, and every listing shows the date we last verified it.
HonestQuid shares publicly available offers and explains how they work. We are not authorised by the Financial Conduct Authority and nothing here is financial advice — whether an offer suits you depends on your circumstances. Always check the provider's full terms. Current accounts are not credit products; we never list credit cards or loans.