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, currently around £175–£300. 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 | Other actions | Previous-customer exclusions |
|---|---|---|---|---|---|
| HSBC Bank Account | £220 | £2,000 within 60 days | 2 | Spend £500 by debit card within 60 days | Cannot have held an HSBC UK or first direct current account since 1 January 2023 |
| NatWest | £200 | £1,250 within 60 days; leave it for 24 hours | No | Log in to the mobile app | Must not have held a NatWest current account on 6 May 2026; no previous NatWest Group cash switch incentive |
| RBS | £200 | £1,250 within 60 days; leave it for 24 hours | No | Log in to the mobile app | Must not have held an RBS current account on 6 May 2026; no previous NatWest Group cash switch incentive |
| Barclays Bank Account | Up to £300 | £2,000 salary within 30 days | 3 | 10 debit-card transactions; repeat 10 transactions and £2,000 salary monthly for each £30 reward | New sole-current-account customers only; no previous Barclays CASS bonus |
| Nationwide | £175 | £1,000 within 31 days | 2 | 1 debit-card payment within 31 days | First eligible sole and first eligible joint switch since 2021 only; cannot switch from Nationwide or Virgin Money |
| first direct | £210 | £1,000 within 45 days | 2 Direct Debits or standing orders | 5 debit-card payments and log in to digital banking within 45 days | Account must be opened 14 September–2 December 2026; no previous first direct product or HSBC current account opened since 1 January 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.