For nerds like me, this is exactly how switching works

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.

Bank Switching Explainer

I love bank switching offers and Quidsy members do too.

In fact, over 1 million switches in the UK have been made in the past 12 months (official switch data).

So you can dive into this guide and start your path to £1,000+ free cash from these offers too. Enjoy!

How switching works

The idea is simple: banks give you £175+ free cash to switch your current account to them.

This is because there is strong competition between them to gain new customers.

The process to ‘switch’ is very simple:

Online application: You just tick the switching box on a bank’s online application to say you are switching from another bank.
Simple criteria: Once the switch is complete and your new account is open, you just need to meet a simple criteria.

After you’ve completed the first switch offer, you then switch to the next bank, and so on. In total this is worth £1,000+ free cash.

Typical criteria

Each offer has straightforward criteria to get your free cash. Typically, this is:

Before you switch: have three direct debits set up. Lloyds needs three and most others need two. Easy to do with Quidsy £1 Direct Debit.
After you switch: transfer in cash, typically £1,000. Lloyds needs no pay-in at all. See my tip below.
After you switch: Some offers want a few card payments too with your new bank card. Usually 1 to 5. Very easy to do.

Top tip

Your personal guide

If you don’t have £1,000, you can split this up easily and recycle the same amount e.g. 4 x £250. So you can transfer £250 in, then transfer back out the next day. Repeat 4 times and job done.

Keep your main account untouched

Most Quidsy members set up a spare current account and switch that one instead.

Your main account, salary and day-to-day banking stay untouched. The spare account guide shows you how to set one up.

How much time does it take?

I’d break it down as follows:

15 mins upfront: Set up your spare account and add three direct debits.
30 to 45 mins per offer: Each switch offer then takes 30 to 45 minutes. Most of that is filling in the online application.

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.

How much is this worth for you?

There is £1,000+ free cash across switch offers.

Eight banks and banking groups run switch offers, usually £175 to £225 each, and they rotate through the year. In total, this is around £1,600.

Banks vary during the year when they run them. See when banks run switch offers.

3 steps to your first £175

Set 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:

Spare Account Guide

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 three direct debits to this Spare Account.

The three direct debits will ensure you meet the terms of every Switching offer, including Lloyds, so you can pocket £1,000+ 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.

You may also just prefer your existing account. Those are the only real downsides, and why some Quidsy-ers set up a spare account.

Switch from Bank A to Bank B

You’ve now set up your spare account with Bank A. Say Bank B has the best switch offer, worth £175+ free cash.

You can find this in our Offer List section:

Switch Offers List

All you do is:

Complete Bank B's application form and tick the switching box. You will enter your Spare Account number and sort code.

The switch completes automatically within 7 working days, guaranteed by banking rules.

Your balance, direct debits and future incoming payments all move across.

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.

Meet Bank B's simple criteria

Each bank has up to 3 straightforward criteria to then credit your £175+ free cash.

Pay in £1,000 or more within a set period, often 30 days. Four payments of £250 works, and you can move it back out the next day. Lloyds is the exception, with no pay-in at all.

Then sometimes a bank criteria may include:

Download and log into their app (2 mins)
Make a card transaction (very easy)

Top tip

Your personal guide

Every Quidsy offer guide gives you the exact criteria. You can tick off each criteria in the guide as you complete them. Easy!

Receive £175+ free cash

🎉 Once you've met the criteria, the bank deposits the £175+ free cash straight into your new account.

Most banks pay within 30 days. Each guide tells you when to expect yours.

Rinse and repeat

Bank B is now your spare account. Switch it to Bank C for another £175+ and keep going. Work through all the offers in the plan and bag £1,000+ free cash.

i.e. you only need to set up Spare Account once. After this, you switch between banks from offer to offer.

Let's make some free cash

You're all set to make £1,000+ free cash, boom!

Your next step is to head to the Set Up Spare Account guide: