What is a bank switch offer? Banks pay you a cash bonus to move your current account to them, usually through the official switching service. Once it has paid, you can do it again with a new bank.
Biggest earner
How to claim it
- Set up a spare current account you don’t rely on, so you’re never switching your main one. See the TSB offer below for a free way to do that.
- Make sure the account has two active direct debits. Plum or Moneybox can set up free monthly direct debits to yourself — keep them monthly, as quarterly ones are treated inconsistently.
- Check the account you’re switching to is a free one and that it qualifies for the bonus. It almost always does.
- Read the bank’s instructions carefully — they’re usually clear infographics.
- Start the switch, wait for the bonus, then look for the next offer and repeat.
Handy hints
- We can’t overstate how lucrative this is. Banks pay you hundreds to move your current account — and you can do it again with the next one.
- Premium accounts and business accounts often carry separate, larger offers.
- Be mindful of how many applications you make in a short window — they can touch your credit file.
- Always check the account fees before you switch.
Want more ways to save?Browse every offer we have tested.