How much can I get for switching bank accounts?

Bank switching bonuses typically range from £100 to £200 per switch. First Direct, NatWest, and Nationwide regularly offer £175-£200. By switching every 6-12 months (respecting eligibility rules), you could earn £500-£1,000+ over a few years.

Can I switch banks multiple times?

Yes. There is no limit to how many times you can switch. However, most banks exclude customers who held an account with them in the last 1-3 years, so you need to rotate between different banks. Plan your switches to maximise bonuses.

Do I need to stay with the bank after getting the bonus?

You need to meet the minimum requirements (usually keep the account for 3-6 months, maintain Direct Debits, and meet pay-in requirements). After that, you can switch away to another bank for a new bonus. Leaving too early may require you to repay the bonus.

Bank Switching Bonuses UK 2026 — Free Money for Switching | PocketWise

Bank switching bonuses are one of the easiest ways to earn free money. Banks pay you to switch your current account to them — typically £100–£200 per switch, with minimal effort required.

Current Switching Bonuses (March 2026)

Bank	Bonus	Requirements	Exclusions
First Direct	£175	Switch via CASS, pay in £1,000+, stay 6 months	Previous 1st Account holders
NatWest	£175	Switch via CASS, pay in £1,250+/month, 2 DDs	Previous customers (12 months)
RBS	£175	Switch via CASS, pay in £1,250+/month, 2 DDs	Previous customers (12 months)
Nationwide	£200	Switch via CASS, existing members may get more	Account closed in last 12 months
Lloyds	£175	Switch via CASS, pay in £2,000+, 2 DDs	Halifax/BoS customers may be excluded
Halifax	£150	Switch via CASS, pay in £1,500+/month	Lloyds/BoS customers may be excluded
HSBC	£150	Switch via CASS, pay in £1,500+/month	Previous Advance holders (12 months)
Santander	£150	Switch via CASS, specific account type	Terms vary

Offers change frequently — always verify current terms before switching.

Understanding the Requirements

Pay-In Requirements

Requirement	What Counts
Salary	Yes
Pension	Yes
Benefits (UC, State Pension)	Yes
Transfers from other accounts	Usually yes
Cash deposits	Sometimes

Tip: If you do not have a salary going in, you can often meet the requirement by transferring money from another account — check the terms.

Direct Debit Requirements

What You Need	Options
2+ active Direct Debits	Bills (utilities, phone, subscriptions)
Must be genuine	Netflix, Spotify, charity donations count
Timing	Usually need to be set up before/during switch
Active	At least one payment from each during requirement period

Minimum Stay Period

Bank	Minimum Stay
First Direct	6 months
NatWest/RBS	6 months (usually)
Nationwide	6 months
Lloyds	3 months (check current terms)
HSBC	6 months

How to Maximise Bonuses

The Switching Circuit

Year	Month 1-6	Month 7-12
Year 1	First Direct (£175)	NatWest (£175)
Year 2	Nationwide (£200)	Lloyds (£175)
Year 3	First Direct (if eligible again)	Different bank

Potential earnings over 3 years: £700+

Strategy Tips

Tip	Why
Start with highest bonus	Get the best deal first
Note exclusion periods	Track when you can return to each bank
Use a spreadsheet	Track switches, dates, and eligibility
Use joint accounts too	Often eligible for separate bonuses
Do not miss requirements	Failed requirements = no bonus
Time it right	Avoid switching before major bills or mortgage applications

Eligibility Checklist

Before applying, confirm:

Requirement	Check
☐ Not held this account type before (or outside exclusion window)	Bank’s terms
☐ Can meet pay-in requirements	Your income/transfers
☐ Have/can set up enough Direct Debits	Your bills
☐ Can stay for minimum period	Your plans
☐ Will use CASS to switch	Mandatory for most bonuses

Joint Account Bonuses

Feature	Detail
Separate eligibility	Each person may be able to claim individual bonuses
Joint switch	One bonus per joint account
Mix and match	One person uses bonus account, other switches personal
Check terms	Some banks have specific joint account rules

When Bonuses Are Paid

Bank	Typical Timing
First Direct	Within 28 days of switch completing
NatWest/RBS	Within 7 days of first salary/£1,250+
Nationwide	Within 10 days of switch completing
Lloyds	Within 20 days of meeting requirements
HSBC	Around 6-8 weeks after requirements met

Problems and Solutions

Problem	Solution
Bonus not received	Check you met all requirements; contact bank
Exclusion uncertainty	Call bank before applying
Cannot meet pay-in	Transfer from savings or ask partner to pay in
Not enough Direct Debits	Set up small ones (charities, subscriptions)
Switching rejected	Check credit file; try different bank

Bonus Stacking Opportunities

Opportunity	Detail
Switching bonus + in-credit interest	Nationwide FlexDirect: £200 bonus + 5% interest
Switching bonus + cashback	Some accounts offer ongoing rewards
Switching bonus + linked regular saver	Lloyds, First Direct offer high-rate linked savers
Refer a friend	Some banks pay extra for referrals

Tax on Switching Bonuses

Tax Status	Detail
Switching bonuses	Not taxable — treated as an incentive, not income
In-credit interest	Taxable (but covered by Personal Savings Allowance for most)
Cashback	Generally not taxable
Referral bonuses	May be taxable if significant

For the full guide on switching, see our bank switching guide. For choosing your next account, see best current accounts.