Getting Paid to Switch Banks
Bank Switch incentives are one of the easiest ways to make quick money, with £100-£200 per bank in incentives. Worried about the hassle? It's quick, easy, and you don't even need to switch your main account (in fact, we encourage you not to!)
Read on for the Verified Hustles guide to bank switch incentives.
Current Bank Switch Offers
Bank Switch Guide
What are bank switch offers?
You might have heard these opportunities called bank switch offers, bank switch bribes, or bank switch incentives. Whatever you call them, they’re one of the easiest ways to earn £1,000+ for just a bit of admin. Here’s how it works: You switch your bank account, and in return, the bank rewards you with a cash incentive.
The steps for each bank switch offer may vary depending on the specific terms. For full details, check out the Verified Hustles page for each offer. However, here’s a quick overview of what to expect:
Step 1: Find a Bank Switch Offer.
You can see the current bank account switching offers above or on our One-Offs page.
We recommend starting with the highest paying offers first, while making sure you read the requirements fully. However, you can feel free to complete them in any order.
Step 2: Decide which account you'll switch from.
You don’t need to switch your main bank account. In fact, we recommend creating a "throwaway" account just for these offers. That way, your regular banking isn’t affected, and you can switch this account over and over to keep earning rewards.
If you want to maximise your earnings, you can open multiple accounts—most banks allow you to have more than one current account, and setting one up can take just a few minutes. For example, we’ve done this with Nationwide and NatWest. Your second (or third, or fourth) account will have a unique bank account number and sort code, which you can use for the bank switch offer while leaving your primary account unaffected.
Step 3: Complete the requirements, and get paid.
Each offer comes with its own set of conditions. Some may require you to set up a certain number of active direct debits, so make sure you have these in place before starting the switch. Once your existing account is ready, open a new account with the bank you’re switching to and follow their process to complete the switch. Sometimes, the switch happens during the application process, but other times it’s done afterward.
Once the switch is complete, ensure you’ve met any remaining requirements (e.g., signing into online banking, depositing money, or making a payment with the debit card). When all the criteria are met, the switching bonus will land in your new account.
After receiving your bonus, it’s time to start looking for your next switching offer. You can also sometimes complete these offers on joint accounts as well as your personal account to get the bonus twice!
Summary
From our experience, these offers are pretty simple to complete. And the best part? You can keep switching to new banks to rack up those rewards!
These offers have been popping up for years, and we expect them to continue to do so. However, they may not be around forever so it may be best to cash in while you have the chance.
As a parting tip, we highly recommend that you keep a record of which switch offers you’ve completed, along with the dates you opened the account, completed the switch, received your bonus, and closed the account.
This will almost certainly save you time in the long run. Banks may have exclusions, like not offering bonuses to anyone who has had an account with them since January 1st, 2024, so make sure you’re eligible before applying. You can use your switch records to quickly check this.
For a whole host of frequently asked questions, keep reading below.
Bank Switch Offers FAQs
The frequently asked questions about bank switch incentives are below. Still need help? Drop us an e-mail at info@verifiedhustles.com, and we'll do our best to support you.
Yes! Banks face a huge amount of competition and it costs them a lot to acquire new customers.
As a result, they are willing to pay a significant amount of money as an incentive for you to sign up.
They hope to recoup this by earning money from you over your time as a customer by selling you products like mortgages and overdrafts. However, as long as you stick closely to the bank switch terms you don't have to stick around for long before you can switch out another bank and claim another bonus.
Switching banks is simple. The Current Account Switch Service (CASS) makes it super easy and hassle-free. All you need to do is apply for and set up an account with a new bank, then let them know you want to switch. The rest happens automatically (just remember to update any recurring card payments).
You don't have to switch your main account, so we suggest you take a couple of minutes to open an account exclusively for switching offers. That way, it has zero impact on your everyday banking.
To earn a bank switch bribe, it needs to be part of the Current Account Switch Service (CASS). Almost all major banks are included, but there are some notable exceptions like Revolut. You can double-check the full list of banks here.
If you switch banks frequently, then it can impact your credit score. Each new bank account comes with a credit check, and frequent switching could make lenders think you’re a bit less stable. It’s worth knowing, just so there are no surprises down the line when you’re applying for credit.
It is best to refer to the terms and conditions of the offer you're signing up for. Some offers pay out shortly after the switch completes, while others require a certain time period using the account before you are paid.
Still have questions?
Drop us an e-mail at info@verifiedhustles.com.