Bank Switching Explainer
Simply watch the video (8 mins) or read the guide beneath it.
How switching works
The idea is simple - banks give you £150+ free cash to switch your current account to them.
- You can switch from bank to bank, pocketing £150+ free cash each time.
- Switching is very easy. You just tick the box on a bank’s online application to say you are switching from another bank.
- Once the switch is complete, you just need to meet a few simple criteria.
The notable criteria is paying in £1,000 - this can be your salary or a bank transfer, and you can withdraw it back the next day. Lloyds doesn't require any pay-in at all, so it's a great one to start with.
After you’ve completed the first switch offer, you then switch to the next bank, and so on. In total this is worth £975 free cash.
Prefer to keep your existing current account? No problem at all - most Quidsy members set up a spare current account and we have a guide exactly for this.
How much time does it take?
I’d break it down as follows:
- Set up your spare account and add 3 direct debits (30 minutes).
- Each switch offer takes only 30-45 minutes to do. The majority of this time is filling out the bank’s online application initially.
You can do around one switch per month, as it typically takes up to a month for your free cash to be credited, at which point you switch to the next offer.
Ready to get started? Check out the 3 simple steps below. You’ll be all set to pick your first offer and head towards £975 free cash.
1Set up a spare current account (one-time only)
For your first offer, you need a current account that you are switching away from.
If you want to keep your existing main current account, just set up a spare account by following the Spare Account guide. In summary:
- This guide tells you which bank is the easiest to set up as a Spare Account, if you don’t already have one.
- How to quickly add 3 direct debits to this Spare Account.
The 3 direct debits will ensure you meet the terms of every Switching offer so you can pocket £975 free cash.
Once you've completed Step 1, you're 90% there - steps 2 and 3 are dead simple.
Yes, and it would save you a bit of time because you can skip the spare account setup step.
When you switch, all incoming payments (including your salary) and direct debits move to the new bank automatically. That's what step 2 below covers.
However, you would need to re-set up any subscriptions like Netflix that use your card number rather than a direct debit. Plus if you are familiar with your existing account you may prefer just to keep using it. Those are the only real downsides and why some Quidsy-ers prefer to set up a spare account.
2Switch from Bank A to Bank B
You’ve now set up your spare account with Bank A. Let’s say Bank B is running the best switch offer, this will be worth £150+ free cash. You can find this in our Offer List section. All you do is:
- Complete Bank B's online application form and tick the switch box during application - you’ll also enter your account number and sort code of your Spare Account.
The switch will be complete automatically within 7 working days, this timeframe is guaranteed by banking rules. This includes your moving balance, direct debits, and future incoming payments.
You’ll receive a text and/or email from the bank once the switch is complete.
Bank switching uses the Current Account Switch Service (CASS), a free, government-backed scheme that makes switching easy!
With a full switch, CASS:
- Moves your balance, direct debits, and standing orders to your new account
- Redirects any incoming payments (like your salary) to your new account
- Closes your old account
Any payments sent to your old account are automatically redirected for 3 years.
The switch is guaranteed. If anything goes wrong, the bank fixes it and compensates you.
3Meet Bank B's simple criteria
Each bank has up to 3 straightforward criteria to then credit your £150+ free cash.
- Pay in £1,000 to the new bank account within a time period e.g. 30 days. This can be split across multiple smaller transfers (e.g. 4 x £250) and transferred back the next day. Note Lloyds' switch offer does not have any pay in requirement, nice!
Then sometimes a bank criteria may include:
- Download and log into their app (2 mins)
- Make a card transaction (very easy)
Sorted by Quidsy recommended order.
| Offer | Direct Debits | Pay-in | Card Txns |
|---|---|---|---|
| Nationwide | 2 | £1000 | 1 |
| First Direct | 2 | £1000 | 5 |
| NatWest | 0 | £1250 | 0 |
| Barclays | 2 | £2000 | 0 |
| The Co-operative Bank | 2 | £1500 | 5 |
| HSBC | 2 | £2000 | 0 |
| Royal Bank of Scotland | 0 | £1250 | 0 |
| Ulster Bank | 0 | £1250 | 0 |
| HSBC | 0 | £0 | 0 |
Receive £150+ free cash
🎉 Once you've met the criteria, the bank deposits the £150+ free cash straight into your new account. Most banks pay within 30 days. Each guide tells you exactly when to expect yours.
| Timeframeif starting today | Offers |
|---|---|
| 17 daysby 22 Aug | The Co-operative Bank |
| 20 daysby 25 Aug | Nationwide |
| 40 daysby 14 Sept | NatWest, Royal Bank of Scotland, Ulster Bank |
| 49 daysby 23 Sept | First Direct, Barclays |
| 80 daysby 24 Oct | HSBC |
| 83 daysby 27 Oct | HSBC |
Rinse and repeat
Bank B is now your spare account. Switch it to Bank C for another £150+ and keep going. Work through all the offers in the plan and bag £975 free cash.
i.e. you only need to do Step 1 (set up Spare Account) above one time. After this, you switch between banks from offer to offer.
Let's make some free cash
You're all set to make £975 free cash, boom!
Scroll down to check out the Set Up Spare Account guide. Then work your way down the Offers List - we’ve ordered them for you so the best offer is at the top. Each offer has a step-by-step guide so you'll know exactly what to do. Happy switching!
More common questions
Tap any row to expand answers
If you set up a spare account (Step 1), your salary stays exactly where it is. You're only switching the spare account between banks. Your main account, salary, and day-to-day banking stay completely untouched.
Even if you’re switching your main account, your salary is automatically redirected.
Each bank will perform a hard credit check when opening a new account which will temporarily lower your credit score. So if you are applying for a mortgage in the next 3-6 months, you may prefer to wait until your mortgage application is approved.
However, the impact is low given it is now very normal to set up a new current account.
Otherwise, there are no real downsides to bank switching.
You can work through every offer on the plan. Each bank has its own eligibility rule, usually along the lines of 'you can't switch if you already hold an account with us' or 'if you've received a switching bonus in the last 3 years’. We state this in every offer guide. So you won't be able to keep repeating the same banks forever, but you can do all the current offers listed here.
Yes. You'd need two spare accounts to start, with different direct debits in each, and two lots of £1,000. It's doable and saves time. Just a quick note: running two switches at once means two hard credit checks close together, which has a slightly bigger temporary impact on your credit score. In the grand scheme of things, it's not a big deal.