Bank Switch Offers in the UK: How to Switch and Get a Bonus

Bank switch offers are rewards that banks and building societies use to attract new current account customers.

Depending on the provider, you might receive a cash bonus, shopping voucher, account credit or another benefit after moving your existing current account to an eligible new account.

Most offers require you to use the Current Account Switch Service, often called CASS. This service moves your balance, Direct Debits, standing orders and payment arrangements to your new account and closes your old one.

Switching can be worthwhile when the new account suits your everyday banking needs and the reward provides a genuine additional benefit.

However, the bonus should not be the only reason you switch. You also need to check account fees, overdraft charges, eligibility requirements, qualifying conditions and any impact on your wider finances.

This guide explains how bank switch offers work, how CASS operates, what you need to do to qualify and what to check before moving your account.

What is a bank switch offer?

A bank switch offer is an introductory incentive for people who move their main current account to a new provider.

For example, a bank might offer £175 when you open an eligible current account, switch from another UK bank using CASS, pay in a minimum amount and set up the required number of Direct Debits.

The exact reward and conditions vary between providers and can change at short notice.

Bank switch rewards can include:

• Cash bonuses: A one-off payment into your new account after the qualifying conditions are met.
• Shopping vouchers: A voucher or gift card for a retailer or service.
• Account credit: Credit applied to your account or a linked service.
• Enhanced interest: A temporary or conditional interest rate on eligible balances.
• Other benefits: Additional perks such as insurance, subscriptions or spending rewards.

A cash bonus is usually the most flexible reward because it can be used however you choose. Vouchers, account credit and product benefits may have restrictions.

Always check what the advertised offer actually provides and whether you would want the account even without the bonus.

What is the Current Account Switch Service?

The Current Account Switch Service is the UK's standard service for moving a personal or small business current account from one participating provider to another.

CASS is designed to make switching simpler. Your new bank or building society manages the process and moves your payment arrangements to the new account.

A full switch usually includes:

• Your account balance.
• Direct Debits.
• Standing orders.
• Incoming payments such as salary and benefits.
• Your arranged overdraft, subject to the new provider agreeing to it.
• Closure of your old account.

CASS says the switch takes seven working days and that your new provider takes care of the move. You choose the switch date, which must be at least seven working days in the future.

You can continue using your old account until the agreed switch date. On that date, your balance and payment arrangements move across and your old account is closed.

Read the official Current Account Switch Service guide for the full process.

What is the Current Account Switch Guarantee?

The Current Account Switch Guarantee is designed to give you confidence when using CASS.

Under the guarantee, your new provider manages the switch and any payments made to or from your old account are automatically redirected to your new account for a period after the switch.

If anything goes wrong with the switch and you are charged interest or lose money as a result, the guarantee says the provider should refund those charges or losses.

The guarantee applies to switches completed through CASS between participating providers. It does not remove the need to check the new account's terms, fees, overdraft arrangements or offer conditions.

Read the official Current Account Switch Guarantee.

How do bank switch offers work?

Every provider has its own offer conditions, but most switching bonuses follow a similar process.

1. Check the current offer

Find the bank's official switch offer page and read the reward amount, eligibility requirements and qualifying conditions.

Offers can be withdrawn or changed, so do not rely on an amount you saw in an older article, comparison table or social media post.

2. Confirm that you are eligible

Check whether the offer is limited to new customers, people who have not held an account with the provider for a certain period or customers switching from a particular type of account.

Some offers exclude people who have received a switching bonus from the same banking group before.

3. Open the eligible account

Apply for the account named in the offer. A different account from the same bank may not qualify.

The provider will usually check your identity and may carry out a credit check as part of the application.

4. Request a full switch through CASS

Most switching bonuses require a full switch using CASS, not simply opening a new account and moving some money yourself.

Choose your switch date and confirm that your old account will be closed.

5. Complete the qualifying conditions

Depending on the offer, you may need to:

• Pay in a minimum amount.
• Set up or move a required number of Direct Debits.
• Make a set number of debit card payments.
• Register for online or mobile banking.
• Keep the account open for a particular period.
• Complete the switch by a deadline.

6. Wait for the provider to verify the switch

The bank checks that the switch completed and that you met the relevant conditions.

7. Receive the reward

Once approved, the provider pays the bonus into your account or issues the advertised reward.

Payment times vary. Some banks pay within days of the conditions being met, while others take several weeks or longer.

Where to find current bank switch offers

Bank switch offers change frequently. A provider may launch, increase, reduce or withdraw an offer at short notice.

Check official bank websites

Start with the banks and building societies you are genuinely considering.

Look for sections such as:

• Switch offers.
• Current account rewards.
• New customer offers.
• Switch and save.
• Welcome bonuses.

The provider's own terms should be your main reference. Check that the offer is still active and that the account you want is eligible.

Use reputable comparison sources

Money-saving websites and comparison services often track the latest switching incentives.

These can help you compare reward amounts and conditions, but always verify the offer directly with the bank before applying.

Useful starting points include:

• MoneySavingExpert's best bank accounts guide
• Which? current account comparison
• The Current Account Switch Service

Check the Monzenta Planner

Monzenta includes Bank Switch Offers as part of its UK money-making Planner.

The Planner can help you compare eligible opportunities, understand the requirements and plan the steps involved. Offers, eligibility and rewards are subject to each bank's terms and can change.

Explore the Monzenta Planner to see current Bank Switch Offers.

What should you check before switching?

A switching bonus can be attractive, but the account itself needs to work for your everyday banking.

New customer eligibility

Many offers are limited to people who have not held an account with the provider recently or who have not received a previous switching bonus from the same banking group.

Check the exact definition of a new customer before applying.

Account fees and charges

Some accounts charge a monthly fee in exchange for additional benefits.

Work out whether the fee outweighs the value of the switching bonus and any ongoing rewards.

For example, a £150 bonus may be less attractive if the account costs £10 per month and you would not use the included benefits.

Minimum pay-in requirements

Some offers require you to pay in a minimum amount each month or within a particular period.

Check whether the requirement is a one-off deposit, a monthly pay-in or a minimum balance.

You do not necessarily need to leave the money in the account, but you must follow the offer conditions.

Direct Debit requirements

Many switching offers require a particular number of active Direct Debits.

Check:

• How many Direct Debits are required.
• Whether they must be moved through CASS or set up separately.
• Whether they must be active by a particular date.
• Whether a payment must actually be collected.

Debit card spending requirements

Some offers require a minimum number of debit card transactions.

Do not spend money you would not otherwise spend simply to qualify for a bonus.

Deadlines

Check the dates for opening the account, requesting the switch, completing the switch and meeting the qualifying conditions.

Missing a deadline can mean losing the reward.

Overdraft arrangements

If you use an arranged overdraft, check whether the new provider will offer one and on what terms.

CASS can move your payment arrangements, but your new provider is not required to match your existing overdraft limit or interest rate.

Compare arranged and unarranged overdraft charges before switching.

Impact on other products

Closing your old current account can affect linked products or benefits.

Check whether your old account is connected to:

• Savings accounts.
• Credit cards.
• Loans.
• Insurance.
• Cashback or reward arrangements.
• Preferential rates or packaged benefits.

CASS does not automatically move separate savings accounts, credit cards or loans.

What happens to your Direct Debits and payments?

A full CASS switch moves your Direct Debits and standing orders to your new account.

Your new provider contacts the organisations that collect payments from your old account and gives them your new details.

Incoming payments, such as your salary, pension or benefits, are also redirected to the new account.

If a payment is sent to your old account after the switch, the redirection service should forward it to your new account for a period after the switch.

However, you should still check your new account after the switch and confirm that important payments have arrived as expected.

The official CASS switching guide explains what is transferred and how the redirection service works.

What is not transferred by CASS?

CASS moves your current account payment arrangements, but it does not move every financial product or payment method.

It does not automatically transfer:

• Separate savings accounts.
• Credit cards.
• Loans or mortgages.
• Recurring card payments, where a company takes payment using your debit card details rather than a Direct Debit.
• Payments arranged through third-party apps or services.
• Your online banking payee list, depending on the provider.

Recurring card payments are a common issue. These are payments where a retailer or subscription service stores your card number and charges it regularly.

Because they use your card details rather than a Direct Debit, you may need to update them manually after switching.

Make a list of subscriptions and regular card payments before your switch date so you can update them promptly.

What happens to your old account?

A full CASS switch closes your old current account on the agreed switch date.

Your remaining balance moves to the new account, and your old account details stop being used for future payments.

If you want to keep your old account open, a full CASS switch is not the right option. Some providers offer partial switches, but these may not qualify for switching bonuses.

Check the offer terms before choosing between a full and partial switch.

Can you switch if you are overdrawn?

You may be able to switch while using an arranged overdraft, but your new provider must agree to offer you an overdraft.

The new bank will assess your circumstances and may offer a different limit or interest rate.

If the new provider does not offer an overdraft, you may need to repay the balance before or during the switch.

Check the overdraft terms before applying. Read the official CASS guidance on switching with an overdraft.

Can you switch a joint account?

Joint accounts can usually be switched through CASS, but all account holders must agree to the switch.

Check whether the new provider accepts joint applications and whether the switching offer applies to joint accounts.

Some bonuses are limited to one reward per account rather than one per person.

Will switching affect your credit score?

Opening a new current account can involve a credit check, particularly if you apply for an arranged overdraft.

A hard credit search can appear on your credit file. One application is unlikely to have a major long-term effect for most people, but multiple applications in a short period can have a greater impact.

If you are planning to apply for a mortgage or other significant credit soon, consider the timing carefully.

Check whether the bank uses a soft or hard search and whether an overdraft application is part of the process.

Can you switch more than once?

There is no general rule preventing you from switching current accounts again in the future.

However, each provider has its own eligibility rules. Some exclude people who have previously held an account with them or received a switching bonus from the same banking group.

Repeated switching can also involve multiple credit applications and account closures, which may affect your credit history.

Only switch when the new account is suitable and the conditions are worthwhile. Do not open accounts you do not need simply to collect bonuses.

Do you pay tax on bank switch bonuses in the UK?

The tax treatment of a switching incentive can depend on how the payment is structured.

HMRC guidance explains that some building society cash incentives for switching accounts may be treated as annual payments, with tax deducted at source in certain circumstances. Other incentives may be treated differently depending on their nature.

Banks and building societies should explain whether tax has been deducted from a payment. Keep records of any switching rewards you receive.

Check the relevant HMRC guidance on annual payments and incentives if you are unsure, or seek individual tax advice.

Is switching bank accounts safe?

Switching through CASS between participating UK providers is an established and regulated process.

The Current Account Switch Guarantee is designed to protect you if something goes wrong with the switch itself.

However, you should still take care:

• Apply through the bank's official website or app.
• Check the account fees, overdraft charges and offer conditions.
• Keep a record of your application and switch date.
• Update recurring card payments and subscriptions.
• Check that salary, benefits and other important payments arrive correctly.
• Never share your online banking password or one-time security codes.

Be cautious of adverts or messages claiming to offer switching bonuses through unofficial links. Visit the bank's official website independently to check whether the offer exists.

Are bank switch offers worth it?

A bank switch offer can be worthwhile when the new account suits your needs and the bonus provides a genuine additional benefit.

Cash switching incentives can be one of the more straightforward UK reward opportunities because CASS handles much of the transfer process.

However, the bonus should not be the only reason you switch.

Consider:

• Whether the account has a monthly fee.
• The overdraft interest rate and limit.
• Minimum pay-in and Direct Debit requirements.
• Whether the reward is cash or a restricted benefit.
• How long the bonus takes to arrive.
• Whether the account offers good everyday banking features.
• Any impact on your credit file or linked products.

The best switch is one where you would be comfortable keeping the account even after the bonus has been paid.

If you are exploring other reward opportunities, you can also look at cashback, sign-up bonuses and Refer a Friend offers.

Frequently asked questions

What is a bank switch offer?

A bank switch offer is an incentive for moving your current account to a new provider. It may include cash, vouchers, account credit or other benefits, usually after you complete a full switch through CASS and meet the qualifying conditions.

How long does a bank switch take?

CASS says a full switch takes seven working days. You choose the switch date, which must be at least seven working days in the future.

Do I have to close my old account?

A full CASS switch closes your old account. If you want to keep it open, ask the provider about a partial switch, but check whether the switching bonus requires a full switch.

What happens to my Direct Debits when I switch?

CASS moves your Direct Debits and standing orders to your new account. Payments sent to your old account are redirected for a period after the switch.

Can I switch if I am overdrawn?

You may be able to switch with an arranged overdraft, but the new provider must agree to offer you one. It may offer a different limit or interest rate, and you may need to repay some or all of the balance.

Will switching bank accounts affect my credit score?

Opening a new account can involve a credit check, particularly if you apply for an overdraft. A single application is unlikely to have a major long-term effect for most people, but multiple applications in a short period can have a greater impact.

Can I claim more than one bank switch bonus?

You may be able to switch again in the future, but each provider has its own eligibility rules. Some exclude previous customers or people who have already received a bonus from the same banking group.

Are bank switch bonuses taxable?

The treatment depends on how the incentive is structured. Some payments may have tax deducted at source, while others may be treated differently. Check HMRC guidance or seek advice if you are unsure.

What if something goes wrong with my switch?

The Current Account Switch Guarantee says your new provider should refund interest or charges you incur if something goes wrong with a CASS switch. Contact your new provider as soon as you notice a problem.

Where can I compare current bank switch offers?

Check official bank websites, reputable comparison sources and the Monzenta Planner. Offers can change quickly, so verify the terms directly with the provider before applying.

Explore more Offers & Rewards

Bank switch offers are one way to access a cash reward, but there are other opportunities to explore.

• Discover cashback offers
• Discover sign-up bonuses
• Explore Refer a Friend offers
• Explore the Monzenta Planner

Monzenta helps you explore and compare different ways to improve your finances. Bank switch offers, eligibility, qualifying conditions and rewards are subject to each provider's terms and can change. Rewards are not guaranteed, and you should only switch when the new account is suitable for your circumstances.