Bank switching bonuses: eligibility rules and how to claim

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UK banks regularly pay cash bonuses to people who move their current account across using the Current Account Switch Service (CASS). Offers come and go, often lasting only a few weeks, and the amounts and conditions vary, so the useful skill is knowing how the offers work and how to check what is live today.

CASS moves your direct debits, standing orders and incoming payments for you and completes the switch in 7 working days. Here is how to make the most of switching deals without getting caught out.

How Bank Switching Bonuses Work

To earn a switching bonus a bank typically asks you to open a new current account, complete a full switch through CASS (closing the old account), move across a minimum number of direct debits, and pay in a set amount each month for a short period. Some also want you to use the debit card or log in to the app. Once you meet the conditions the bonus is paid into the new account, usually within a few weeks.

CASS completes the switch in 7 working days and redirects any payments that still go to your old account details for at least three years. If something goes wrong during the switch, the CASS guarantee means your new bank refunds any interest or charges caused.

  • Open the new account and request a full switch through CASS
  • Typical conditions: a minimum monthly pay-in and a number of direct debits
  • Some offers add debit card use or app log-in requirements
  • Bonus is paid once the conditions are met, usually within weeks
  • CASS: 7 working day switch, with payments redirected for at least three years

How to find the best current switching offers

We do not list specific bonuses here because they change too often to stay accurate. The MoneySavingExpert banking pages and Moneyfacts track live offers and their conditions. When you compare, look at:

  • The bonus amount and when it is paid
  • The minimum monthly pay-in and whether it has to be a salary
  • How many direct debits must move across
  • Previous-customer exclusions (many banks exclude anyone who has held an account with them or their group recently)
  • Ongoing perks such as linked regular savers, in-credit interest or cashback
  • Overdraft terms if you rely on one

Maximising Switching Returns

Some people switch more than once a year, moving to a new bank for each bonus once they have met the conditions at the last one. Watch the previous-customer rules: many banks exclude people who have held one of their accounts in a set period, and some brands within the same banking group count as one bank. Keep a simple note of where you switched, when, whether the bonus arrived and when you become eligible again.

Check that you can genuinely meet the pay-in requirement each month. If your salary is the only money coming in, you can usually only meet one bank's requirement at a time, although some accept transfers from another account you hold.

  • Switch again only once you have received the previous bonus
  • Check previous-customer and banking group exclusions
  • Keep a note of each switch date, bonus and next eligible date
  • Accounts with useful ongoing perks can be worth keeping

Is There Any Risk to Switching?

CASS makes switching low risk. Your old account closes on the switch date and any payments still sent to it are redirected to your new account for at least three years. Your new bank must refund any interest or charges caused by a mistake in the switch.

Anything that is not a direct debit or standing order is not moved automatically. Give your new details to your employer, HMRC or DWP if they pay you, and to friends or family who send you money. Some regular card payments, such as subscriptions charged to your old debit card, also need updating with the new card.

Opening a new current account usually involves a credit check, and accounts with an overdraft are likely to use a hard search, which shows on your file. One or two switches a year is unlikely to matter much, but avoid it shortly before a mortgage application.

  • CASS: 7 working day switch, payments redirected for at least three years
  • Moved automatically: direct debits, standing orders and incoming payments
  • Update manually: card payments and anyone who pays you directly
  • Opening an account may involve a credit search
  • Avoid switching just before applying for a mortgage

Frequently Asked Questions

Do I need a good credit score to switch banks?
Many current accounts involve a credit check, and those with an overdraft usually involve a hard search. Basic bank accounts are available if you are refused a standard account. Check the eligibility rules before applying.
Will my salary payment be affected when I switch?
CASS redirects all credits to your new account — your employer's BACS payment to your old sort code and account number will be forwarded. Update your employer with your new account details promptly to avoid the redirect chain.
Can I switch if I have an overdraft on my current account?
Yes, but the overdraft has to be dealt with. You can ask the new bank for an overdraft as part of the switch; if they do not offer one or offer a smaller one, you need to clear the old overdraft before the switch date.
Are switching bonuses taxable?
Switching bonuses are generally treated as an incentive rather than interest, so they are not normally taxed as savings income. Interest earned on the account balance is taxable savings income, covered by your Personal Savings Allowance first.
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