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Is it OK to switch bank accounts just for the switching bonus?

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UKUpdated 6 October 2026 · Written by BuyMeWhiskey Editorial Team · How we check facts

Yes, switching your current account just for a bonus is allowed; what decides whether you get paid is meeting the offer's terms, usually a full Current Account Switch Service switch, a set number of direct debits, a minimum pay-in and no previous bonus from that banking group.

Before you apply, check how the Current Account Switch Service works and which banks take part.

Read the CASS switching guide

Switching for the bonus is allowed

There's no rule against moving your current account to collect a switching incentive, and banks offer them precisely to win customers. What matters is the offer's own terms. Banks write those terms to filter out people they don't want to pay twice, so the real question isn't "will they mind?" but "do I meet every condition, and will I still meet them on the day they check?"

The conditions that usually decide it

Terms differ between banks and change often, so read the current version before you apply. The common ones are:

A full switch through the Current Account Switch Service (CASS), often started within a set number of days of opening the account. Opening a new account and moving money by hand usually doesn't count.
A minimum number of active direct debits moving across with the switch.
Paying in a minimum amount within a deadline. Some offers say what counts as "paying in" and exclude transfers from your own accounts at the same bank.
Exclusions for past customers: you may be barred if you already hold an account with the bank, have had one recently, or have had a switching bonus from it (or from another brand in the same banking group) before.
Keeping the account open until the bonus is paid, and sometimes for a while after.

Being "blatant" isn't the risk. Missing a condition is. If you've had a bonus from the same group within its exclusion period, you won't get another however you dress the switch up.

How a full switch works

You open the new account first; the new bank runs its identity checks as part of opening. You then agree a switch date at least seven working days ahead, which can't be a weekend or bank holiday. On the switch date your balance moves across, your direct debits and standing orders move, and your old account is closed by the old bank. Payments that people send to the old account are redirected automatically, and each time the sender gets an automatic message with your new details.

Two practical rules: any new payment you set up in the seven working days before the switch should be set up on the new account, and you can't use CASS to switch a joint account into a sole one. Savings accounts and ISAs can't be switched through CASS.

What the Switch Guarantee covers

More than 50 banks and building societies take part. If something goes wrong because of the switching process, such as a direct debit not moving, any interest or charges on your old or new account are refunded when you tell your new bank. Your new bank deals with problems, and it should correct payment issues so your credit rating isn't affected.

The effect on your credit file

CASS says the new bank may run a credit check when you open the account, and the effect of opening a new account can last up to six months. Opening several accounts within six months means it takes longer for your score to recover. Closing the old account as part of a full switch can help. If you're planning a mortgage or other big application, pause the switching for a few months beforehand.

Can a bank close my account for bonus-hunting?

A bank can choose not to open an account for you, and it can end a current account contract on notice. For contracts entered into on or after 28 April 2026, the bank must normally give at least 90 days' notice with a specific explanation of why, and tell you how to complain, including to the Financial Ombudsman Service. Older contracts still have a two-month minimum. There are exceptions for financial crime and similar cases.

Tips and common mistakes

Screenshot or save the offer terms on the day you apply.
Move real, active direct debits, and check they've arrived after the switch.
Diary the pay-in deadline and the date the bonus should arrive.
Check your salary or benefits have followed you. Redirection is automatic, but tell your employer and DWP the new details too.
Don't let an overdraft trap you: agree any overdraft you need with the new bank, or arrange to clear the old one, before switching.

Worked example

A hypothetical offer: a £175 bonus if you complete a full CASS switch with at least two active direct debits and pay in £1,500 within 30 days. (Figures are for illustration only; real offers change.)

Sam has never banked with this group. He opens the account on Monday 2 November 2026, picks a switch date seven working days later, Wednesday 11 November, moves his three direct debits and his salary, and pays in more than £1,500 when his salary lands. He qualifies.
Alex switched to a sister brand in the same group last year and got a bonus. The terms exclude anyone who has had a switching bonus from the group, so Alex won't qualify, however carefully the switch is done.
Jordan keeps the old account open and moves money across by hand. That isn't a CASS switch, so it isn't covered by the Guarantee, and it fails the "full switch" condition.

Is it worth it? If Sam spends about 2 hours on the switch and the checks, the bonus works out at £175 ÷ 2 = £87.50 an hour, tax aside. If he did three such switches in a year at the same value, that's 3 × £175 = £525. Each new account can affect his credit score for up to six months, though, so he'd avoid it if he were about to apply for a mortgage.

Is switching bank for the cash bonus worth the effort?#

Often, yes, if you meet every condition and aren't about to apply for a mortgage or loan. A full switch takes seven working days and the Switch Guarantee covers mistakes. Weigh the bonus against the time and the temporary effect on your credit file.

Can I switch banks at any time of the month?#

Yes. You choose the switch date with your new bank, as long as it's at least seven working days after the new account is open and isn't a weekend or bank holiday. Many people avoid dates close to payday or big direct debits, just to keep things simple.

Does switching bank accounts affect my credit score?#

It can. The new bank may run a credit check, and CASS says the effect of opening an account can last up to six months, longer if you open several. Closing the old account as part of a full switch can have a positive effect.

Can I keep my old account open and still get a switching bonus?#

Usually not. Most bonuses require a full CASS switch, and a full switch closes the old account. If you keep the old account open, you can't use CASS and you're not covered by the Switch Guarantee.

What happens to payments sent to my old account after I switch?#

They're redirected to your new account automatically. Each time a payment is redirected, the sender gets an automatic message with your new details. Tell your new bank if you don't want your details shared with someone who sends a one-off payment.

Can a bank refuse me a switching bonus because I've had one before?#

Yes, if its terms say so. Many offers exclude people who have held an account with the bank or its sister brands, or who have had a switching bonus from the group before. Check the exclusions before you start, because the switch can't be undone easily.

Will my bank close my account if I keep switching?#

A bank can end a current account on notice, but for accounts opened on or after 28 April 2026 it must normally give at least 90 days' notice and explain why. It must also tell you how to complain, including to the Financial Ombudsman Service.

Keep reading

Sources

Figures checked against these sources on 6 October 2026. If a rule changes, we update the page and its date.

General information, not personal financial advice. Rules depend on your circumstances; check the official source or speak to a regulated adviser before acting.