Bank switching bonuses

garymguk

I keep seeing people claim they make £1,000+ a year from bank‑switch bonuses. I did a few switches myself a couple of years back, but now I’m blocked from most offers because I’ve already held or switched to those banks before.

Do people genuinely pull this off every year, or is it mostly hype from those who still qualify?

eskbanker

https://forums.moneysavingexpert.com/discussion/6673414/bank-switching-bonuses

Such claims should be treated with caution - it's possible to earn that sort of money over one year, maybe two, or at a pinch three, depending on how wide the definition is, but it's not infinite, so once you've exhausted the main offers with all household members, friend referrals, etc, then a change of tack is needed…

https://forums.moneysavingexpert.com/discussion/6673037/current-account-switching

flaneurs_lobster

Was certainly possible back in 22/23 when I started switching for fun'n'profit, my final tally was just over £2k.

I've not tried switching in defiance of any terms since, just seems unnecessarily gauche.

Have just come back into timeframe for switching at Lloyds, successful switch for £200.

Other banks have started introducing terms that state 'no previous bonus ever' or 'must not be holding a current account' so I doubt if that £2k is going to repeatable.

MisterMotivated

I had 2 bonuses pay out in the past couple of weeks, and am waiting to see if another will pay by the end of this week (though I'm probably technically not eligible so not holding my breath). In total, I've made around £3k, but these recent ones are my first switches in 2 years, since many banks stopped using rolling dates for eligibility cutoffs and moved to a fixed date (and many now saying you can't have ever had a bonus from them). It was good while it lasted but I'm not hopeful of getting any more.

Rob5342

I think I've made about £1400 overall, but I don't think there are any lefy thay I apply for now. I have just had a second Santander bonus despite having one a few years ago, but I don't think I'll try anything else again now.

wmb194

https://forums.moneysavingexpert.com/discussion/6673414/bank-switching-bonuses

Like you I'm blocked but you can become eligible again every now and again, recently for me with Lloyds' switch offer, but it's rare. These days I've been having more luck with investment account switching and opening offers.

https://forums.moneysavingexpert.com/discussion/6635598/the-cashback-for-bank-or-investment-accounts-discussion-thread/p1

dcs34

Made £1.8k from switching since 2018 but it's notable I've not had a true switch bonus payment since October 2023 (from TSB).

Since then just referrals and fairer share payments bringing the total up to £3.7k - and I've checked pretty much every switching offer going since but have never been eligible for them!

Newbie_John

Depends how far "bank switch" stretches. There are bonuses for credit cards, S&S ISAs etc.

Recommend a friend (like with Amex) etc.

But there is limit to it all.

subjecttocontract

Whilst switch bonuses are great many banks offering the bonus have nothing attractive enough to retain a new customer.

jimjames

I'd probably made around £2k from mine over the years but was excluded from most new offers. Lloyds for £500 recently was the first for a while I've qualified for.

Robert7578

I switched from Natwest to Halifax got £100 and closed the Halifax account the same day , Natwest did all the work to open my account again , but the woman on the desk in Halifax gave be such a dirty look that my soul cringed 🤣

I made £100 for half an hours form filling so thats a win .