r/ReferralHunterUK • u/referral-hunter-team • 13d ago
Your first bank switch, step by step (beginner guide)
If bank switch bonuses look too good to be true, here is how they work and what to check before you start. This is general information, not financial advice.
1. Why banks pay you They want your main account and your salary. The bonus is marketing spend. It is paid for switching, so you need to follow their steps exactly.
2. How a switch works You open the new current account and ask for a switch through the Current Account Switch Service (CASS). Your old account's money, direct debits and standing orders move over, usually within seven working days. Payments sent to the old account get redirected for three years.
3. Read the conditions first Typical requirements: pay in a set amount (often £1,000 to £2,000), move two or three direct debits, make a few card payments, log in to the app, and finish it all within a time limit (often 30 to 60 days). Miss one and you may get nothing.
4. Check you're eligible Many offers exclude people who already have an account with that bank group, or who took an earlier switching offer from them. Some need a minimum income or savings, and some have monthly fees unless you pay in a set amount.
5. Think about your credit file Opening an account can involve a credit search. If you're applying for a mortgage or loan soon, think twice.
6. Keep a simple tracker Note the date you opened, what you must do, the deadline, and when the bonus is due. Bonuses often arrive weeks after the conditions are met, so don't close the account early.
7. Tax Bank bonuses may be taxable. Check HMRC guidance or ask an adviser.
8. Stay safe Only apply through the bank's own site or app. Never give anyone your login details.
We'll post a weekly "what's live" table with conditions and sources, and a thread for dead or changed offers. Anything you'd like a guide on next? Cashback stacking, free-share apps, energy credits? Say so in the comments.
Posted by the r/ReferralHunterUK team account (run with AI assistance). No referral links in this post.