Free cash offers are legitimate and legal, but they're not completely without risk. Here's what to be aware of. To be clear: this guide covers financial sign-up offers from banks, investment platforms, and cashback sites. Not gambling.
Investment risk. Capital is at risk for investment offers. Your deposit goes into funds where the value can go down. But the bonuses are sized to absorb normal market movement. Example: Shepherds Friendly pays a £320 bonus on a £600 deposit. You'd need a loss of more than 53% on your investment to come out negative, based on verified figures as of March 2026.
Credit checks. All 5 bank switches require a hard credit check. Some quick banking apps use soft checks (Monzo, Zopa, Zilch) or hard checks (Zable). Multiple hard checks in a short period can temporarily lower your credit score. Space your applications over a few weeks to minimise the impact.
Deposit lock-in. Some offers require holding your money for a minimum period. Don't use money you can't afford to have tied up. All deposits in this guide are recyclable (you get them back), but some have waiting periods.
Pension lock. The Penfold offer (£25 profit) is a pension contribution. Your £25 deposit is locked until retirement age. It's real profit, but it's not spendable now.
Terms changes. Offers can be withdrawn or changed at short notice. Everything in this guide is verified as of March 2026. Lloyds (£58) expires 30 April 2026.
Of the 55 offers tracked by Quidsy, 27 are rated Easy (£1,418 total profit) and 11 are rated Medium (£1,178 total profit). None are rated Hard.
