How to switch banks

Welcome to Switch Tracker, your go-to resource for unlocking the full potential of bank switching bonuses. If you've heard about people switching banks and want to give it a try but don't know how to get started don't worry - we've got you covered.

How does it work?

Banks are always looking to get new customers. To attract new customers, they often offer a switching bonus: a one-off payment for new customers who fulfil some basic requirements.

These bonuses can be up to £200 and normally take less than 15 minutes of work. As long as you meet the eligibility and requirements you can collect as many of these bonuses as you like.

We recommend opening a new current account specifically for bank switching. This means that your “real” bank account can stay where it is, so your salary and payments will not be affected.

So the process is: Create a new current account to use for switching. If you don’t already have a Monzo account, you can get £5 free from Monzo for opening one. Switch your current account to a bank that offers a bonus. The Current Account Switch Service (CASS) makes this a doddle. Fulfil the requirements Receive the free money. Don’t forget to enjoy it! Rinse and repeat.

Success stories

To showcase the potential, here are a few success stories from seasoned switchers:

Liam: Started switching in 2016, earning £6,500 since.
Louise: Switched six times, accumulating over £1,000 in cash.
Tim: Switched three times in three months, securing bonuses totaling £600.
Switch Tracker users have earned over £1,000,000 in total since our launch in May 2023.

Warning: mind your creditworthiness

Frequently changing banks may temporarily impact your credit. If you have an upcoming credit application, such as obtaining a new mortgage, it's advisable to refrain from lots of bank switching for at least six months prior to the application.

The step-by-step guide to super switching

Step 1: Choose the account to switch

Existing account: If you're dissatisfied with your current bank, switch your main account.
Burner account: Consider setting up a second 'burner' account solely for switch bonuses.
Most switching deals require the account you will switch from to be part of CASS so be sure this is the case when selecting an account.

Step 2: Identify banks offering switch incentives

Stay updated on the latest switching offers using the Switch Tracker app.
Banks frequently entice new customers, providing ample opportunities for bonuses.

Step 3: Prioritise your switching order

Consider offer end dates, value and eligibility to prioritise the order you switch in.

Step 4: Ensure eligibility for bonuses

Switch Tracker lists the eligibility requirements so you can be sure you are eligible before you start the switch.

Step 5: Perform the steps required to get the bonus

Follow the simple steps listed in the app to meet all requirements of the offer.
If the offer requires direct debits, Switch Tracker can help you set them up for only £1 a month.

Step 6: Receive your bonus and repeat

Once the bonus arrives, initiate a new switch.

Frequently asked questions

Are recurring payments also switched?

No, continuous payment authorities (CPAs) from cards are not automatically moved. If you’re switching your “real” bank account, you’ll have to provide new card details to relevant companies post-switch.

Do I have to close my old account when switching?

If switching via CASS, the new bank automatically closes the old account. For non-CASS switches, a manual and slower process is involved.

Can I switch a sole account to a joint account?

You can switch a sole account to a joint account using seven-day switching, but not the other way around.

I have multiple products with my bank, will they be affected by the switch?

Most other products (ISA, credit card) remain unaffected by switching current accounts. Special linked savings accounts may be lost; check if the new bank offers alternatives.

Can I switch my savings account?

Unlike current accounts, there's no switching service for savings accounts. Open a new savings account and manually transfer funds.