Bank Switches are a great way to earn a few hundreds pounds of extra income for minimal effort! Keep reading this beginners guide to bank switching to find out more and how to get started.
What are bank switches?
Bank switches are monetary incentives offered by banks to encourage you to move your banking from a competitor to them. These are often in the hundreds and usually require you to complete a few steps. Typically you will need to be a new customer or have never received an incentive before, although sometimes you can get around these rules.
To qualify for the incentive, you’ll typically need to pay in a certain amount over a set period. This is often achieved by your salary being paid in. Sometimes they will require you to switch over a minimum numbers of direct debits and make transactions. The exact requirements differ from offer to offer, some are more complicated than others.
How does it work?
Bank switches are very simple and a lot of it is taken care of automatically with the CASS. Which is the Current Account Switch Service. Once you have opened the new account and instructed them to complete the switch, CASS do everything else for you.
Here are the general steps on how a bank switch works:
- Find a switch offer you are eligible for
- Apply for the new bank account
- Opt to switch into the new account (you will be asked to provide details of the old account)
- Select a date for the switch to complete
- Wait for the new account to get set up and the old account to be closed on your behalf
- Transfer in any required funds
- Make any required transactions
- Wait for your reward to get paid out
And it’s that simple! Or this might seem like a lot to you but I promise, the total active time investment is minimal and most of bank switching is waiting for things to progress.
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Can anyone do it?
Yes! In theory anyone can do a bank switch and it is possible to use the CASS without getting a financial reward. But not everyone will be eligible for the monetary rewards. Most switches come with T&Cs and you need to double check these to make sure you are not wasting your time.
Most of the time you will need to be a new customer to get the reward. Or at the very least have not completed the offer in the past. You might also be limited by sister banks, eg banks that are owned by the same father company. For example, HSBC and First Direct are owned by the same people so usually you can’t do bank switches with both of them.
Current Bank Switch Offers
Updated August 2026.
HSBC – £220
- Need to deposit £2k+
- Spend £500+ in the first 60 days
- Bonus: 5% interest on a linked regular saver
£220 is paid within 60 days of meeting the criteria. Can’t already be a HSBC or First Director customer or have held an account with either since 1 Jan 2023.
Barclays – £200
- Pay in £2k+ in first 30 days
- Switch 2 Direct Debits
The £200 is paid out within 28 working days of completing the switch and requirements. Cannot have previously had a Barclays switch bonus or held an account on or before 9 June 2026.
NatWest – £200
- Pay in £1250+
- Log onto the mobile app
- Switch 2+ Direct Debits
- Linked 5.25% regular saver
This account does charge £2/month in fees but if you hit the requirements every month you get £5 cashback, essentially making this account worth £36/year. Cannot have had a previous switch bonus from NatWest, RBS or Ulster. No NatWest account on 6 May.
First Direct – £175 + £25 Amazon Voucher
- Pay in £1k+
- Switch 2+ Direct Debits
- Make 5+ debit card payments
After completing the steps, the £175 will be paid out by the 20th of the following month. The £25 Amazon voucher is a perk for signing up using a link from MoneySavingExpert. More information here.
Co-op Bank – £125 + £75 cashback
- Deposit £1500+
- Switch 2 Direct Debits
- Register for online banking
- Make 5+ payments with the card
Once you’ve done all these steps the £125 will be paid out within 7 days. To get the cashback, which is £25/month for 3 months, you need to hit the same requirements each month. Month 1 begins the day after you receive the £125.
Nationwide – £175
- Pay in £1000+ within 30 days
- Make at least one payment
- Switch at least 2 direct debits
- 5% interest on current account balances of up to £1500
- 6.5% linked regular saver
Can’t have had a switch bonus since 2021. Can take advantage on an individual account and a joint account. £175 paid out within 10 days of meeting the criteria.
Bank switch offers are a super easy way to make extra money without a lot of effort or time investment. Have you heard of these offers before? If not, I hope you found this beginners guide to bank switching useful!
