Banking

How to Switch Bank Accounts in the UK and Get Paid to Do It

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UK banks compete aggressively for current account customers. In 2026, several major banks are offering £100–£200 cash bonuses just for switching to them via the Current Account Switch Service (CASS). Add in better interest rates on current account balances, and switching is one of the easiest money-for-nothing moves available.

The Current Account Switch Service (CASS)

CASS is a free, guaranteed service that handles your entire switch in 7 working days. It automatically redirects all direct debits, standing orders, and incoming payments to your new account. Your old account is closed. It comes with a switching guarantee — if anything goes wrong, you're compensated. Over 8 million switches have been completed since it launched.

Current Switch Bonuses in 2026

Bank switching offers change regularly, but in early 2026 multiple banks are running incentives. Check MoneySavingExpert's 'Best Bank Accounts' page for current offers. Typical requirements: switch via CASS, pay in a minimum monthly amount (£1,000–£1,500), and set up 2–3 direct debits. The bonus usually pays within 30 days of meeting conditions.
  • •First Direct: often offers £175 (also includes 0% overdraft)
  • •Nationwide FlexDirect: cashback on spending
  • •Lloyds, Halifax, TSB: rotate between £100–£150 offers
  • •Chase: no switch bonus but market-leading savings rate + 1% cashback

Churning Bank Accounts

Some financially savvy people 'churn' bank accounts — switching repeatedly to collect bonuses. There's nothing illegal about this, and most banks have waiting periods (typically 12 months from last bonus with that bank) rather than banning repeat switchers. A disciplined churner can collect £400–£800/year in bank switching bonuses. Keep notes on which bonuses you've claimed and the cooldown periods.

What to Look for Beyond the Bonus

After the bonus, the account still has to work for your daily life. Consider: interest on in-credit balances, overdraft rates (if relevant), app quality, customer service reputation, and linked savings account rates. Chase UK combines excellent savings rates with cashback on spending — the ongoing benefits are often worth more than a one-time bonus.

Accounts Worth Considering

  • •Chase UK: 1% cashback on spending + market-leading easy access savings
  • •First Direct: best-rated customer service in the UK + £175 switch offer
  • •Starling: no fees abroad, award-winning app, £10+ current market switch bonus
  • •Monzo Plus: £5/month but includes credit score tracking, advanced pots
  • •Nationwide FlexDirect: in-credit interest + cashback for first year
Does switching bank accounts affect my credit score?+

Only slightly — the new bank will do a credit check when you apply. CASS switches involve a hard search which temporarily reduces your score by a few points. For most people, this recovers within 3 months.

Can I have multiple bank accounts?+

Yes — most people benefit from having 2–3 accounts: one for daily spending, one for bills/direct debits, and one for savings. There's no limit on how many current accounts you can hold.

#bank account#switching#current account#UK#cash bonus#banking

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