How to make £1,135 from Switching Offers
Chris Harvey
Offer Expert
A big welcome to the most profitable type of offers - current account switching!
These offers are one of Quidsy members favourite offers.
Why is this? Simply put, they give you a big profit per offer, nice!
You can make £1,135 from the 6 offers available, so let's dive in. In this guide you will learn:
Your current account is a profitable account for banks.
Banks make money in various ways from your current account, such as making interest on your balance or charging foreign exchange fees.
The bank gives you a cash reward switching to give them a try. This is simply their marketing cost.
Currently there are 6 offers worth a total £1,135 total profit
You can complete a switch offer in under 45 minutes.
Most of this time is spent completing the bank's online application plus doing some simple admin to meet the offer criteria.
The switch itself is automatic and takes 7 working days. Depending on the offer, it may take around 2-3 weeks to receive the free cash, at which point the offer is complete.
Assuming you complete 1 switch offer at a time, on average you will complete 1 switch offer per month.
It is very easy due to the Current Account Switching Service (CASS).
This was launched in 2013 as part of a UK government reform.
When setting up your new account, you simply select that you are switching from another bank and enter its account number and sort code.
The new bank will:
The switch is complete within 7 days and you receive an email and text message from your new bank. Easy peasy!
If you are switching your:
Main Account - Head back to Your Offers and select the first offer from the list - this will be the easiest one.
Spare Account - Head back the 'How to set up a Spare account' guide ready for your first offer.
Crack on - £1,135 profit is waiting for you!
Each offer has typically 3 criteria. We give the exact criteria in every guide so it's simple for you to follow.
We have also ordered the offers in Your Offers, so it starts with the offer with the easiest criteria.
These criteria are:
Most offers require you to switch across 2 or 3 Direct Debits e.g electricity bill, internet, council tax.
Before Switch: You need to have these in place in your existing account so they are switched across to your new account.
✓ If you don't have these already in place, we give you tips on setting them up quickly.
After the switch is completed, most offers require you to add £1,000 within the first 30 or 60 days.
✓ This can be via your salary or a bank transfer.
Before starting your first switching offer, you need to choose whether to switch away from your Main current account or a Spare current account.
Your Main current account is where you:
✓ The benefit of switching your Main current account is you will likely meet all 3 criteria automatically (debit debits, add funds, a few transactions).
If you'd like to switch your main account, simply head back to Your Offers and select the first offer at the top of the switch list and make your first switch profit!
Goood news - yes!
You won't need to tell your employer as all incoming payments are automatically passed to your new bank.
Not to worry!
If you have £1,000 in savings, you can transfer this into your new current account instead.
If you do not have £1,000 in savings, then it is best to focus on all the other Quidsy offers to build up a pot of £1,000. You can then double this with the Switch offers, very nice!
For students reading this with less than £1,000, you could wait until your Student Loan to commence these offers.
After the switch is complete, some offers require a few card transactions using your new card.
✓ This can be met easily as part of your day to day spending.
You need to select the Current Account Switching Service (CASS) when signing up to the new bank.
Please note, your bank account needs to be part of the CASS programme in order to switch it. Check your bank is listed here.
Note Revolut are not part of the CASS programme so you would need to use a spare account instead to switch from (see below).
You will need to become familiar with the new banking website or app.
But this is a no-brainer for your £100+ cash reward.
If you prefer your original current account, you can also easily switch back to your previous bank. Just opening up a new account using the switching processing the other way, easy peasy!
Banks will give you £150 to £220 depending on the bank for switching your current account to them, very nice!
This makes you £150 to £220 profit per month for under 45 mins work, awesome!
✓ Move your balance
✓ Move Direct Debits and standing orders
✓ Re-direct future incoming payments e.g. salary, transfers
✓ Close the old current account
Chris' Tip: Some people really like their existing current account. If so, don't switch it and switch a spare instead!
If you're not fussed about your existing bank, then switch your Main account.
A Spare current account is:
Chris Tip: If you want to keep your Main account, then simply use a Spare account. It's just a bit of extra admin but easy.
This is a popular option both for first time and seasoned switchers.
✓ Using a spare account is easy, it is just needs a bit of admin.
Follow our Practical Tips guide 'How to set up a Spare account' so you can easily meet the criteria.