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Originally Posted On: https://www.mysidegig.co.uk/hacks/2024-guide-to-bank-switching-offers

 

Here is the ultimate bank switching guide for 2024. This guide will show you the most efficient way to switch accounts in order to gain a cash bonus. It’s worth using the wisdom below as it will also help with future switching bonuses!

Common FAQ’s

1. Do I have to transfer the required amount all at once, and does it matter if I pay money in before my switch is complete? No and No. As long as the total amount meets the required threshold and is deposited before the deadline specified in the terms, you’re good.

2. The switch I want to do requires a direct debit. What are good direct debits that I can use? Here’s a dedicated post for this one.

3. I need to switch “active” direct debits. Does a payment need to have been taken before I switch? According to Nationwide, an active direct debit is one that has been set up or had a payment taken from it in the past 13 months. So, no need to wait for a payment, but you can if you prefer.

 

Current bank switch offers (£775 in total):

Never switched a bank account before? Consider it! It’s one of the easiest ways to earn some extra cash. Switch a secondary bank account or open a new account at your current bank for switching purposes. Recommended steps:

1. Open a second current account with your main high street bank (must be part of CASS service).

2. Set up direct debits on the second account if required.

3. Apply for a new account and arrange to switch to your second bank account.

4. Let the Current Account Switch Service handle everything.

5. Ensure all terms are met.

6. Receive your bank switching bonus.

Remember, it’s advised to leave your main bank account untouched (for credit score purposes) and switch a secondary or new account.

*Secondary account – banks will actually let you set up several current accounts. You can switch one and keep one.

For detailed strategy on specific bank offers refer to our Free Money section.

General Bank Switch Questions: Here are some frequently asked questions and answers related to bank switching:

Are there some bank accounts worth keeping?

Yes, some offer ongoing rewards ranging from leisure perks to high interest current accounts (you should check this prior to switching an account). Some banks are even likely to offer future rewards that could be profitable (for example in 2023 The Co-op were paying £125 as a referral bonus per person you sent their way!).

Why are they offered?

Banks aim to attract new customers and engage in competition for their business. Aware that highlighting outdated systems and products won’t win them over, they resort to offering cash incentives (or equivalent) to entice potential customers to switch their primary bank account. With interest rates sky high at the moment they see it as a way of getting your cash on the cheap!

Can I switch any bank account to receive an incentive?

No. To qualify, you must switch a bank account that is part of The Current Account Switch Service (CASS). While most high street banks are included, certain Neo Banks, such as Kroo, Revolut, and Monese, are not. It’s advisable to refrain from switching your primary bank account, and opening an additional account solely for switching is a viable option.

Refer to this link for a comprehensive list of CASS banks.

Is it too much hassle?

No. The Current Account Switch Service (CASS) streamlines and simplifies the process of switching accounts between most banks. You only need to apply for and set up a new account at a different bank, inform them of your intention to switch, and everything is transferred automatically.

Is there a recommended approach to explore all banks with switch offers?

Start with the offers ending soonest, and consider switching again afterward. While some offers may expire, the unpredictable nature of banks offering incentives has been a longstanding practice.

How long does a bank switch take?

Approximately one week.

Do I have to switch my main account?

It’s optional. Many individuals maintain secondary bank accounts. One strategy is to open a second account with your current high street bank, add some direct debits, and then switch it to the new bank you want to try. Starling or Monzo are popular choices due to their ease of setup, though switching back is also an option.

Can I have multiple accounts with high-street banks?

Yes, most high-street banks permit the opening of multiple accounts. Some, like Halifax and NatWest, are known for allowing several current accounts, and the process is swift.

Can I switch if I have savings accounts at the same bank as my current account?

Yes, you can. Only the current account will be closed, and some linked regular savers may transition to normal savings accounts. Assess whether switching to a secondary account is a more suitable option.

What information do I need to switch?

You’ll need the sort code and account number, debit card information, and usually (though not always) two active direct debits on the account you’re switching.

Do I need to activate the card on the account I’m switching to?

It’s recommended to activate the card, as some banks may require it.

Do I need money in the account I’m switching?

No, but having funds in the account can help you track when the switch occurs.

Can I switch an old current account without a bank card?

Most online forms require card details, but you can often switch such accounts over the phone.

My new bank hasn’t provided my account number (e.g., NatWest). What should I do?

Usually, account numbers are sent via post/email upon signup. If not received, wait for the card to arrive and contact their support if needed.

Can I downgrade a premium account with fees after receiving the bonus?

Yes, you can downgrade the account, but it’s advisable to wait until after receiving the bonus.

Must I wait for the bank card before switching again if I don’t like my new bank?

Yes, waiting for the bank card is recommended. Most banks require the card details of your existing account.

Can I switch before my new bank card arrives if I made an account just to switch?

It’s best not to. Entering debit card information is typically part of the switching process.

Does the required payment for an offer have to be in one go?

No, you can transfer funds in and out. The total amount sent in must equal or exceed the specified amount. Exercise caution, as frequent money transfers may trigger anti-fraud measures.

Can I pay the required amount before the switch completes?

Yes, you can pay it before, after, or during the switch. It can be done manually or automatically from your old account.

I’ve been asked to verify my identity. Is this normal?

Sometimes, automated checks fail, and manual verification may be required by visiting a branch or submitting a copy of your ID.

Can I switch back to Monzo/Starling after switching away?

Starling has a 12-month waiting period, while Monzo might have a shorter one-month waiting period.

What constitutes an “Active” direct debit?

An active direct debit usually involves a payment taken within the last 13 months. Some bank switch terms may necessitate direct debits to have been paid from the account. If an offer requires an active direct debit, it’s safer to switch to an account with a history of paid direct debits.

What are good direct debits to set up on a second account?

Check out our thorough guide here!.

Can I switch again if I recently switched to X Bank and don’t like it?

Yes, you can switch to a new bank that offers incentives if you’re dissatisfied with the service.

Do I have to stick with my new bank for any length of time?

No, you’re not obligated.