Make money guide
How to Make Money from Bank Switching in the UK
UK banks often offer cash and other incentives to new customers who switch, typically around £150–£220. The process usually uses CASS (the Current Account Switch Service). This is best viewed as occasional one-off money, not a recurring income stream.
How bank switching works
- Open an eligible account with the new bank.
- Request a full current account switch.
- Existing balance, Direct Debits and standing orders are transferred.
- The old account is normally closed as part of a full CASS switch.
- Complete any additional bonus conditions, such as paying in money, using the debit card, or having Direct Debits.
Current offers
| Bank | Bonus | Required deposit | Direct Debits | Card spend | Previous-customer exclusions |
|---|---|---|---|---|---|
| HSBC Bank Account | £220 | £2,000 | 2+ | £500 within 60 days | Cannot have held an HSBC/first direct account since 1 Jan 2023 |
| Co-operative Bank | Up to £200 | £1,500 within 30 days | 2 | 5 separate payments | No Co-op switch since 1 Nov 2022 |
| NatWest | £200 | £1,250 within 60 days | No | None | Must not have held a NatWest current account on 6 May 2026; no previous NatWest Group switch bonus |
| RBS | £200 | £1,250 | No | None | Must not have held a NatWest current account on 6 May 2026; no previous NatWest Group switch bonus |
| Ulster Bank NI | £200 | £1,250 | No | None | Must not have held a NatWest current account on 26 May 2026; NatWest Group restrictions apply |
| Barclays Bank Account | £200 | £2,000 within 30 days | 2 | None | New Barclays customers only |
| Nationwide | £175 | £1,000 within 31 days | 2 | 1 payment within 31 days | Must be first Nationwide switch offer; cannot switch from Virgin Money |
| first direct | £175 | £1,000 | 2 | 5 separate payments | Must have never previously held a first direct product; cannot have opened an HSBC current account since 1 Jan 2018 |
Can you make money from multiple switches?
Yes, if you meet each bank’s eligibility requirements. Previous bonus exclusions are usually the biggest restriction. Normally, you won’t need to get rid of your actual everyday account, and some people have a secondary account specifically for switching; make sure you check with the bank, though.
Burner accounts
Some people use burner accounts specifically for switching, which is effectively a secondary current account that isn’t used as your main bank account. This can be used for future CASS switches, and is useful because a full switch closes the account being switched. You must ensure any required Direct Debits are active.
How long does it take?
The actual CASS transfer is designed to be completed quickly, often within days, but the bonus payment often takes considerably longer. Each bank has different qualifying periods and you should record the account opening date, switch date and any deadlines.
Does bank switching affect your credit score?
- Opening accounts or applying for overdrafts can result in hard credit searches being added to your profile.
- Multiple applications in a short period can temporarily affect how lenders assess you.
- Current account switching is not the same as taking out debt.
- Students expecting to apply for a mortgage or other credit product soon should probably be more cautious.
FAQ
Frequently Asked Questions
Can I switch more than once?
Can I keep my old bank account?
Do I need Direct Debits?
Is switching taxed?
Not financial advice
Switching offers and eligibility can change or be withdrawn. Check the bank’s current terms before opening an account or starting a switch.