How to Make Money by Switching Banks

How Bank Switching Offers Work

A bank switching offer rewards you for moving your current account to a new bank. The switch is done using the Current Account Switch Service (CASS) — a free, secure system that automatically transfers your money, direct debits, and standing orders from your old bank to your new one.
Once your switch is complete and you meet any eligibility conditions (such as depositing a minimum amount or setting up direct debits), the new bank will credit your account with a cash reward, voucher, or points bonus.

✅ You can check whether your bank uses the Current Account Switch Service here.

Bank Switching Need-to-Knows

Bank switching is straightforward — but there are a few tricks and precautions that can make it smoother and more profitable.

1. Only switch between banks that use CASS.
Only banks listed under the Current Account Switch Service can be switched from and to. You can also open dummy accounts (spare current accounts) with CASS-registered banks to use specifically for switching — without affecting your main day-to-day account.

2. Be careful which account you switch from.
Switching closes your old account completely. Don’t switch an account linked to your rent, salary, or other perks like cashback or reward points.

3. Pick the correct account type.
Some offers apply only to specific account tiers — e.g. a “Reward” or “Club” account. Always open the correct one before starting the switch.

4. Open new accounts early.
You can open new current accounts ahead of time to have them ready when a new deal appears. This lets you act quickly before limited-time bonuses end.

5. Spread your switches across different banks.
Opening too many accounts in quick succession with the same provider can look suspicious. Rotate between different banks instead.

The Deposit Trick

Most switching offers require you to deposit a minimum amount (for example, £1,000 within 30 days). The good news is, the amount doesn’t usually need to stay there or be paid in all at once.

You can:

• Transfer the amount in, keep it in the account for 24 hours, and transfer it back out; or

• Make smaller payments that total the required amount.

This method satisfies the deposit condition without tying up your cash.

Meeting the Direct Debit Requirements

Some offers ask for active direct debits to be moved from your old account.

If you don’t have any or don’t want to use your main bills, here are cheap, low-risk options to meet the criteria:

• Utility bills (energy, water, council tax)

• Credit card direct debits

• Subscriptions like Netflix or Spotify

• Charity donations (e.g. BBC Children in Need, Cancer Research UK) for as little as £2

• Low-cost direct debit services – Cheap Direct Debits, Small Direct Debit, or Tiny Direct Debit let you set up £1 debits

• Savings apps like Moneybox (min £2/month) or InvestEngine

Once you’ve received your switching bonus, you can cancel these debits if you no longer need them.

Setting Up Your Switch

You can usually choose your switch date, which is handy if you want to ensure your direct debits are active beforehand (activation usually takes 3–5 working days).
Some banks also require you to make card payments using your new debit card. Here’s how to do it easily:

Using Monzo:

1. Open the Monzo app.

2. Tap the QR code in the top right.

3. Choose “Share link instead”.

4. Open the link in a browser.

5. Enter any amount (even £1).

6. Pay via card or Apple Pay.

Using Revolut:

1. Open the Revolut app.

2. Tap Add money on the home screen.

3. Choose your debit card or Apple Pay.

4. Enter the amount (small amounts work fine).

5. Press Pay securely.

These small transactions can satisfy card payment or activity requirements for certain switch deals.

Bank Switching Hacks

Bank switching can be an easy, low-effort way to earn extra money — especially if you plan it strategically. To recap:

• Check TopCashback for added bonuses.

• Use dummy accounts to protect your main bank.

• Use the deposit trick to meet conditions without locking up your money.

• Set up a few cheap or temporary direct debits if needed.

• Keep an eye on high street banks' websites for new offers.

• Digital banks often have refer-a-friend schemes where you can get additional cash for referring a few friends to the platform.

Conclusion

If you switch smartly, you can easily make £500+ a year — simply by keeping an eye on the latest promotions and repeating the process every few months.