Did you know that you can earn money by changing bank accounts? Of course you did. So let’s take a look at some of the best bank switch offers currently available on the market. It’s a simple way to make £100’s every year.

The best bank switch incentives
Currently, you can switch to:
- First Direct £175
- Lloyds £200
- Nationwide £175
- NatWest £180
- Santander £150
- The Co-operative Bank £150 (up to)
- Monzo £5
- Kroo £5
Switching for cash
Let’s be honest, banks and building societies aren’t here to help us; they want our money. And to attract our custom, they offer us all kinds of rewards in the hope that we become customers for life. This could be a case of wine, a cashback offer, a gift card, improved interest rates or, best of all … cash incentives.
And the good news is to make extra cash from your bank by switching your current account.
And there is a lot of money to be made, often well over £100 each time.
Why do banks offer a current account switch incentive?
The current account market has become more competitive over the last few years, and swapping your account is far simpler. And banks like to think that you’ll never leave once you’re with them. In turn, you will end up giving them lots of money.
Is it complicated to switch your bank account?
Changing your bank account could not be easier. Thanks to the current account switch guarantee introduced in September 2013, your account could be switched in, errrrr seven days (well, seven working days). Your new provider sorts out the whole process, including the swapping of direct debits and the moving over of standing orders and outgoing payments. In fact, it’s so easy to do that over 3 million accounts have been switched.
The switch process can be completed online and usually take 15 minutes of your time. You even get to choose your own switch date. You will rarely need to visit your local branch.
How much do you usually earn from a bank switch bonus?
Most accounts will pay in the region of £100-£150 for switching. Sometimes this can be as much as £250, although this usually means staying with the bank for at least six months.
But I like my bank
What if you want to keep your main current account? That’s not a problem, and you can create a 2nd current account and use your new account details to complete the switch. You’re not limited by the number of current accounts you can hold.
The easiest way to create a 2nd account is through your current provider. Usually, this can be done through online banking and can be done within minutes. And because you’re already a customer, they’re unlikely to ask you for ID.
Direct Debits
When you have your 2nd bank account ready, it’s time to look at setting up direct debits. Now you may be wondering why you need to do this. Most banks require you to complete the switch with at least two direct debits to qualify for the bonus.
You can sign up for an app like Moneybox or Plum, which take money by direct debit. Plum is free, whilst Moneybox charges £1 per month. Both can be set up online with little hassle. Alternatively, you can set up a direct debit with a charity or the Lottery. Take a look at my post about cheap direct debits you can set up.
If you’ve opened a new account to begin a switch, wait for the direct debits to become active. Of course, this depends on the dates you arrange for them to be taken out of your account. Once your account is set up with active direct debits, you’re ready to roll and swap away!
Anything else?
To receive the switching incentive, you usually have to deposit a certain amount of money within a period of time or every month if it’s an incentive for staying with the bank. Direct deposits don’t have to be from wages and can be transferred immediately. However, always check the T&Cs before switching.
You will also (usually) have to close the old bank account that you’re switching from. But don’t worry, when you start the switching process, it just involves ticking a box. Then, your old account will be closed automatically. You don’t have to do anything else.
How much can you make?
Over £1,000 in the space of a couple of years is certainly possible. It does depend on when a bank switch bonus is offered, but they usually appear every few months.
Does switching banks affect your credit rating?
If you regularly switch your main current account, it may indicate that you’re not financially stable and less likely to pay off your debts. The best thing to do is to have at least one current account that is several years old. Although, as a regular switcher and having access to my credit report, I have never noticed any adverse effects from switching accounts.
The best deals for switching banks
Please note that the offers below are from all genuine UK organisations and all accounts are regulated by the Financial Conduct Authority (FCA) and the Financial Services Compensation Scheme (FSCS).
Also worth reading
Why not take a look at the best free money offers?
First Direct

How to claim the bonus
- Apply for a new account
- Use the Current Account Switch Service and close your old account
- Pay in £1,000 within the first three months
- Bonus will be paid within 28 days
Qualification criteria
- Not available to anybody who holds or has had a First Direct account
- Not available to anybody who has opened an HSBC account since January 2018
First Direct benefits
- A £250 interest-free overdraft (subject to status)
- Access to 7.00% AER/gross Regular Saver Account (save between £25 and £300 per month)
You can also earn an extra £30 if you use Quidco’s link when you switch to First Direct.
Lloyds Bank

How to claim the bonus
- Must open a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum
- You need to start the switch by the 10th of December 2024.
- Switch using the Current Account Switch service.
- The switch must include two active direct debits.
- The old account must be from another bank.
Qualification criteria
- You have not received a switching bonus from Lloyds of Halifax since April 2020.
- Open to existing customers.
Lloyds benefits
- Access to Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account, which offers a free annual perk and

How to claim the bonus
- Apply for a new account
- Switch a non-Nationwide account to a FlexPlus, FlexDirect or FlexAccount and close your old account
- Use the Current Account Switch Service
- Make sure your old account has at least two active direct debits
- Deposit £1,000 within 31 days
- Make one debit card transaction within 31 days
- Bonus will be paid within 10 days
Qualification criteria
- Not available to anybody who has received a bonus since August 18th 2021
- This offer is open to existing customers
Nationwide benefits
- FlexDirect offers an interest-free overdraft for the first 12 months
- 5% AER on credit balances up to £1,500 for the first 12 months
NatWest

How to claim the bonus
- Must open a Select, Reward, Reward Silver or Reward Platinum account.
- Pay in £1,250 within 60 days of opening your account (needs to stay in the account for at least 24 hours).
- Log into the app or online banking.
- Switch using the Current Account Switch service.
- Close your old account.
Qualification criteria
- Never received a switching bonus from NatWest or RBS
NatWest benefits
- Access to the Natwest Reward account.
Santander

How to claim the bonus
- Must open an Edge, Edge Up or Private current account
- Pay in £1,500 within 60 days of opening your account.
- Set up 2 active direct debits (does not include Santander savings accounts)
- Switch using the Current Account Switch service.
- Close your old account.
Qualification criteria
- Not received a switching bonus from Santander since September 2021
- After 60 days, your account is checked to make sure you qualify. The £150 will be paid within 30 days
Santander benefits
- The Santander Edge and Edge Up accounts offer cashback for various bills and debit card spending at supermarkets.
The Co-operative Bank

How to claim the bonus
- Open a Standard Current Account or Everyday Extra account
- Use the Current Account Switch Service and close your old account
- Have two or more active direct debits
- Pay in £1,000 by the 30th day following the switch
- Make ten card payments by the 30th day following the switch
- Register for online banking
- £75 bonus will be paid within 7 days of meeting the criteria
Qualification criteria
- Not be an existing member of Co-operative Bank or smile
- Not available to anybody who has received a Co-op switching bonus since 1st of November 2022 (including refer a friend)
- For the extra £75 (paid £25 per month for 3 months), you must:
- Deposit £1,000 or more each month
- Make ten card payments each month
- Keep two active direct debits
Co-op benefits
- Everyday Extra account offers various packaged extras
Monzo

How to claim the bonus
- Click on the button below
- Apply for an account
- Download the app
- Make a card payment
- Receive a £5 bonus
Qualification criteria
- Need to make your card payment within 30 days
- There is no need to switch bank accounts with this offer
Monzo benefits
- Fee-free cash withdrawal in the EEA
- Refer your friends for a £5 bonus
- Paid subscriptions are available for extra benefits
Kroo

How to claim the bonus
- Click on the button below
- Create an account
- Make a card payment
- Receive a £5 bonus
Qualification criteria
- Need to make your card payment within 30 days
- There is no need to switch bank accounts with this offer
Kroo benefits
- Over 4% interest paid for your current account
Why not take a look at current accounts that give you cashback on your bills? They charge a monthly fee but are generally good value for money.
FAQs
Do you have to declare the income from switching banks?
No, you don’t have to declare the income to HMRC. Switching incentives are treated the same as cashback, which means it does not count towards your overall annual income.