How does the bank switching service work?

The Current Account Switch Service (CASS) transfers your account to a new bank within 7 working days. Your direct debits, standing orders, and salary are automatically moved. Payments to your old account are redirected for 3 years. It's free and guaranteed.

Can I switch bank accounts multiple times to get bonuses?

Often, yes — but check each offer's terms. Some bonuses are for 'new customers only' (never had account with them), some are for 'new to switching' (never switched to them). You can typically switch between different banks multiple times over years.

Do I need to close my old account to switch?

Not necessarily — CASS offers two options: full switch (old account closes) or partial switch (old account stays open, you select what moves). Most bonuses require a full switch. Partial switches don't usually qualify for bonuses.

How long does a bank switch take?

The full switch completes within 7 working days. You'll be given a switch date, and everything moves on that day. Your new card and details will arrive before then. If anything goes wrong, the Switching Guarantee ensures you're not left out of pocket.

Best Bank Account Switching Bonuses UK 2026

Free money for switching banks? Yes, it’s real. Here’s how to make the most of switching bonuses.

Current Switching Offers

Note: Offers change frequently. Check bank websites for current deals.

Bank	Bonus	Requirements	Notes
Check current offers	Varies	Varies	Offers rotate

Where to find current offers:

MoneySavingExpert (Best Bank Accounts page)
Individual bank websites
Comparison sites

How Switching Works

The Current Account Switch Service (CASS)

What Happens	Timeline
You choose new bank	Day 0
Apply for new account	Day 0
Agree switch date	Day 1-2
New card arrives	Before switch
Switch completes	Day 7 (latest)
Old account closes	Switch day

What Gets Switched

Moved Automatically	Details
Direct debits	All moved to new account
Standing orders	All moved to new account
Your balance	Transferred over
Incoming payments	Redirected for 3 years

The Switch Guarantee

If This Goes Wrong	You’re Covered
A payment doesn’t redirect	Refunded any charges/interest
Direct debit fails	Refunded any fees
Payment sent to old account	Redirected automatically

The guarantee means you won’t lose money due to switching errors.

Typical Bonus Requirements

Common Conditions

Requirement	What It Means
Use CASS (full switch)	Must use official switch service
Pay in £X per month	Often £500-1,500 minimum
2+ direct debits	Set up active direct debits
Stay for X months	Often 6-12 months minimum
New customers only	Never had account with this bank

Example Offer Structure

Condition	Typical Requirement
Pay in	£1,000/month
Active direct debits	2 minimum
Use debit card	Sometimes required
Time to complete	Within 30-60 days
Bonus paid	Within 30 days of meeting criteria

Maximising Your Bonus

Strategy 1: Switch for the Bonus, Stay for Benefits

Step	Action
1	Choose bank with good bonus AND good ongoing features
2	Complete switch properly
3	Meet all requirements
4	Collect bonus
5	Evaluate — if account is good, stay

Strategy 2: Serial Switching

Step	Action
1	Switch to Bank A, collect bonus
2	After minimum period, switch to Bank B
3	Continue pattern annually
4	Track which banks you’ve used

Important: Keep records of which banks you’ve had accounts with.

Who Can Switch

Eligibility

Requirement	Details
UK resident	Yes
Eligible account	Current accounts (not savings)
Existing account	You need an account to switch from
ID verification	Standard bank checks

What You Can Switch From

Can Switch From	Can’t Switch From
Current accounts	Savings accounts
Basic bank accounts	Junior accounts
Most packaged accounts	Most credit cards

Step-by-Step: How to Switch

Before You Start

Checklist	✓
Review your current direct debits	☐
Note any linked accounts	☐
Check overdraft situation	☐
Read bonus terms carefully	☐
Ensure you can meet pay-in requirements	☐

The Switch Process

Step	What to Do
1	Choose new bank and apply online
2	Complete ID verification
3	Select “Full Switch” during application
4	Choose your switch date
5	New card and details arrive
6	Switch happens automatically
7	Verify everything moved correctly
8	Meet bonus requirements
9	Bonus arrives in account

Potential Issues

What Can Go Wrong

Issue	Solution
Direct debit doesn’t move	Contact new bank, claim under guarantee
Payment goes to old account	Automatically redirected
Bonus not paid	Check you met all criteria, contact bank
Card doesn’t work	Call new bank
Overdraft not transferred	Arrange separately with new bank

Overdraft Considerations

Situation	What Happens
Small overdraft	New bank may match
Large overdraft	May need to clear or negotiate
No overdraft	Not an issue
Need overdraft at new bank	Apply separately

Best Banks Beyond the Bonus

Consider These Factors

Factor	Why It Matters
Ongoing rewards	Cashback, interest
App quality	Daily use experience
Customer service	When things go wrong
Branch access	If you need in-person
Overdraft rates	If you use overdraft

Bank Features Comparison

Bank Type	Best For
Digital banks (Monzo, Starling)	App experience, budgeting
Challenger banks (Chase)	Interest on balance
Traditional banks (HSBC, Barclays)	Branches, full service
Nationwide	Ethical banking, member benefits

Tax on Switching Bonuses

Tax Situation	Details
Are bonuses taxable?	Generally no — classed as incentives
Do I declare them?	Usually not required
Bank interest	Separate, may be taxable

Switching bonuses are typically not considered taxable income — they’re incentives to switch, not interest payments.

Switching Checklist

Before Switch

Task	✓
Read bonus T&Cs thoroughly	☐
Check “new customer” requirements	☐
Note current direct debits	☐
Check overdraft situation	☐
Ensure you can meet pay-in	☐

After Switch

Task	✓
Verify direct debits moved	☐
Update salary payment if needed	☐
Set up required direct debits	☐
Make required payments/transactions	☐
Track bonus requirements met	☐
Note when bonus should arrive	☐
Follow up if bonus doesn’t arrive	☐

Switching Strategy Tips

Timing Your Switches

Consideration	Tip
Best time to switch	When good offers available
Minimum holding period	Usually 6-12 months
Annual opportunity	Can realistically switch 1-2x per year
Keep records	Track which banks you’ve been with

Avoiding Problems

Tip	Why
Use main account for switch	Better to switch active account
Don’t switch if in overdraft trouble	Solve that first
Read all terms	Avoid bonus clawback
Don’t apply to multiple at once	Affects credit file

Frequently Asked Questions

Can I switch back to my old bank?

Yes — but usually not immediately for another bonus. Most banks have “cooling off” periods of 12+ months.

What if I don’t like the new bank?

You can switch again. The guarantee means you’re protected during transition.

Does switching affect my credit score?

A new account application shows as a hard search, but occasional switches don’t significantly impact scores.

Can I switch joint accounts?

Yes — CASS works for joint accounts. Both parties must agree.