Bank Switching Bonuses UK
Switch your bank and claim free cash rewards! We update this list regularly with the best UK bank switching offers for 2025.
Last Updated: 15th April 2025
Written by My Side Gig team
What Are Bank Switching Bonuses?
Switching banks isn’t just about finding better interest rates or customer service—it’s also a great way to earn free money. Many UK banks offer generous cash bonuses to new customers who switch their current account using the Current Account Switch Service (CASS).
How Does Bank Switching Work?
The process is simple:
Choose an eligible bank offer – Most bonuses require you to open a new current account with a specific bank.
Use CASS to switch – The Current Account Switch Service ensures a hassle-free transfer of direct debits, standing orders, and salary payments.
Meet the offer conditions – Some deals require you to pay in a certain amount, set up direct debits, or stay with the bank for a set period.
Receive your free cash – Once the requirements are met, the bank deposits the bonus directly into your account.
Why Do Banks Offer Free Money for Switching?
Banks compete for new customers, and offering a switching bonus is a way to attract account holders. By switching, you can take advantage of these incentives while also exploring better banking benefits, such as higher interest rates, cashback rewards, or premium features.
Who Can Benefit from Bank Switching Offers?
Bank switching bonuses are ideal for:
✅ Anyone looking to earn extra cash with minimal effort
✅ Savvy savers who want to maximise financial perks
✅ People who aren’t tied to their current bank and are open to better deals
FAQ’s
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No, you don't need to transfer the entire amount in one go, and it doesn't matter if you deposit funds before completing your switch. As long as the total deposited meets the required threshold and is within the specified deadline, you're eligible.
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Setting up direct debits is often a requirement for switching bonuses. Some options include:
Charitable Donations: Setting up small monthly donations to charities.
Subscription Services: Using services like Netflix or Spotify as direct debits.
Savings Accounts: Automating transfers to savings accounts that allow direct debit setups.
For a comprehensive list of easy-to-set-up direct debits, refer to this dedicated post.
Alternatively, you can set up a quick direct debit with us here.
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According to Nationwide, an ‘active direct debit’ is one that has been set up or had a payment taken from it in the past 13 months. Therefore, it's not necessary for a payment to have been taken before you initiate the switch (*unless specified).
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The Current Account Switch Service (CASS) is designed to make switching bank accounts simple and hassle-free. It ensures that all your payments (like direct debits and standing orders) move to your new account, and any payments sent to your old account are redirected. The switch is typically completed within seven working days.
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It's advisable to leave your main bank account untouched, especially for credit score purposes. Instead, consider switching a secondary account or opening a new account specifically for the purpose of switching. Many banks allow you to set up multiple current accounts, providing flexibility in this strategy. Here’s a full guide on how to create a ‘Dummy Bank Account’.
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While there's no official limit to how often you can switch bank accounts, it's essential to read the terms and conditions of each offer. Some banks may have clauses preventing previous customers from receiving a bonus, or they might require you to hold the account for a minimum period.
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Switching bank accounts can have a minor impact on your credit score, primarily due to the hard credit check performed during the application. However, if managed responsibly, the effect is usually minimal and short-term.
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Most banks do not charge a fee for switching accounts, especially when using the CASS. However, it's crucial to check if the new account has any monthly maintenance fees or requirements to avoid such fees.
