The Bankedex | Ask Your Bank Switch Questions Here | Also Known As The BeermoneyUK Bank Bribe Bible | January 2023 Update
THIS POST HAS BEEN UPDATED. SEE THE LATEST BANKEDEX HERE
Update 23/01/2023: We all like bank switching. And we all like helping others make some beermoney. But in all honesty, I got a bet fed up of answering bank switch questions, and dreaded updating this post. I needed a small break. But tonight, u/jeanlucriker had enough and has asked for a focal point for bank switch questions.
So here is the updated Bankedex. Shortened, and with current offers only. For a longer version with more background about bankswitches (but outdated offers), see the previous Bankedex post here.
Questions about Bank Switching should be asked here. Posts asking questions about bank switching will probably be removed.
As always with the Bankedex, we need your help.
The post has been updated with the newest offers, and tips commented in the previous Bankedex posts, and those in other posts on r/beermoneyuk. But it is a difficult task keeping on top of all the questions. Please continue to share your experience with Bank Bribes. I will add questions/answers to this post. Your help is much appreciated - thanks to you all.
Current bank switch offers (£605 in total)
| Bank | Bonus | Offer Deadline | Comment |
|---|---|---|---|
| First Direct | £175 | None | |
| Lloyds | £200 | 20/03/2023 | Requires a premium Lloyds account |
| Santander | £200 | None | |
| TSB | £200 | 03/03/2023 | Extra cash via TCB |
| Virgin Money | £30 | 31/01/2023 | Via Snoop (search for £5 bonus) |
Detailed switch offer information
Whilst we do our best to make sure things are correct, sometimes errors do slip through. Always do your own research. Also, it may not be possible to work through all of these.
First Direct
Current offer: £175 for full switch. £20 for new account, £50 refer a friend offer.
- You can switch to their First account.
Offer end date: No end date given, may be removed at any time.
Requirements:
- Full switch (no direct debits required) .
- Must pay in £1000 within 3 months.
- You cannot have had a 1st Direct account before.
- You cannot switch if you have a HSBC account opened after 01/2019
Available to existing customers: No.
How long does it take to pay the bonus: within 28 days of meeting requirements.
Lloyds
Current offer: £200
You can switch to either the Lloyds Silver, Club Lloyds Silver, Lloyds Platinum, or Club Lloyds Platinum account.
These are premium accounts with a minimum 10/month fee. Can downgrade account after getting the bonys.
Offer end date: 20th March 2023
Requirements: Full switch (but no direct debits required).
- You cannot have had a bonus from Lloyds since April 2020.
Reward payable by: within 10 days of starting switch.
Available to existing customers: Yes (must switch an account held elsewhere, no need to open a new account if you have one already). Can upgrade existing account to qualifying account and then switch in.
Santander
Current offer: £200
You can switch to the free Everyday Current Account account. Or any of these paid current accounts: Santander Edge current account, 1|2|3 Current Account, Everyday Current Account, Select Current Account, Private Current Account
Offer end date: None
Requirements: Full switch.
- Apply to switch when you apply to open the account.
- Complete switch, set up 2 active direct debits, and pay in £1000 within 60 days of applying/telling Santander you want to switch.
- Cannot have had a Santander-group bonus previously (Santander, Cahoot, Cater Allen)
Reward payable by: between 60 and 90 days after opening the account.
Available to existing customers: Yes (can switch a non-Santander group current account into a new or existing Santander account). Existing customers must visit a branch.
TSB
Currently has an addition offer available on Topcashback/Quidco for an additional £20-40 (£40 is for plus account). These sites both have refer-a-friend offers too.
Current offer: £125 to switch, plus £75 to stay. Plus additional £5/month for using the account.
You can switch to either of their Spend & Save or Spend & Save Plus accounts.
Offer end date: 3rd March 2023
Requirements for £125 switch bonus: Full switch by 24/03/2023
- Complete switch, use debit card, and set up/use mobile banking, have two active direct debits by 13h of January 2022.
Requirements for £75 for staying bonus:
- Make 5 debit card payments, pay £500+ into your account, have two active direct debits for each and every month of April - September 2023.
Requirements for £5/month account usage bonus:
- Make 20 debit card transactions each month.
Rewards payable by: £125 switch bonus paid by 21 April 2023, £75 stay bribe paid by 31st October 2023.
Available to existing customers: Yes (must switch non TSB account, can't have had a switch bonus from TSB since 1st October 2022).
Virgin Money
Current offer: £30 (via Snoop)
You must switch to the Virgin Money M Plus via Snoop.
You must link your new account to Snoop within 30 days
Offer end date: 30th November 2022
Requirements: Full switch
- Set up 2 active direct debits.
- Complete switch, use debit card, pay in £125, and set up/use mobile banking by 16th of December 2022.
Reward payable by: £30 payable within 30 days of connecting your account.
Available to existing customers: Doubt it.
If you are not signed up to Snoop, you can get an extra £5 Amazon voucher by signing up with a refer-a-friend link, linking a bank account, and remaining linked for 30 days. Check out the latest Snoop refer-a-friend offer here.
Common Bank Switch Questions
Current Account Switch Bribes - Why do they offer them?
They want your business. Banks like fighting each other for customers. Most of them know they can't win by highlighting their outdated systems and products, so they fight each other by offering potential customers cash bribes (or equivalent) to switch their "main" bank account.
Can I switch any bank account to get a bribe?
No. You must switch a bank account that is part of The Current Account Switch Service (CASS). Most high street banks are included. But some Neo Banks are not (e.g., Chase, Revolut, & Monese are not included).
Is it too much hassle?
No. The Current Account Switch Service (CASS) makes switching your account between most banks smooth and effortless. You do not have to do anything apart from apply for and set up a new account at a different bank, and tell them you want to switch your account to them. Everything is transferred automatically (except recurring card payments).
Is there a best route to sample all the banks with switch offers?
Do the offer ending soonest first. Then you might switch again. If you complete all offers in this post, you could earn yourself ~£600.
Some of these end soon. Will the offers come back?
Banks have been offering bribes on and off for many years. We can't predict the future. But this is not a new thing.
How long does a bank switch take?
Approximately one week.
Do I have to switch my main account?
You could. But you don't have to. Many people have second bank accounts. One option may be to open up a second account with your current high street bank, add some direct debits to this second account and then switch it to the new bank you want to try out. On the sub, people also like Starling or Monzo as they are easy to set up (but you might want to switch back to them at the end - their functionality wins vs any usual high street bank).
High street banks also let you open multiple accounts. If you already have an account with one, you might want to open an additional one with your current bank first (Halifax, NatWest etc are reported to allow several current accounts and to be fast to open.).
Which banks let me open a second bank account?
Most of them.
What details do I need to switch?
- Sort code and account number.
- Debit card information.
- Usually, but not always, 2 active DDs on the account you are switching.
I don't like my new bank, do I need to wait for the bank card before switching again?
Yes. See question above. Most banks require the card details of your existing account.
I made an account just to switch. Can I switch before my new bank card arrives?
Best not to. You are asked to enter the debit card information as part of the process.
The offer says I have to pay in £xxxx. Does it have to be in one go?
No. You can transfer in and out. The total sent in has to be equal to or greater than the stated amount.
I switched from Monzo/Starling and want to return, can I?
Starling does not let you return within 12 months. With Monzo, its possibly a shorter one month that you have to wait.
Do I have to switch direct debits?
Check individual offer terms.
What is an "Active" direct debit?
An active direct debit is usually one where a payment had been taken in the last 13 months. But some bank switch terms require direct debits to have been paid out of the account. If an offer requires an active direct debit, its safer to switch an account that has already paid out direct debits.**
What are good direct debits to set up on a second account?
There are many: Paypal, Ebay, Moneybox savings account, Plum savings account, your credit card, Sprive Mortgage autosavings, Wealthify Robo Saving, Plum robo savings...
I recently switched to XXX bank, and I do not like it. Can I switch again?
Yes. If you are not happy with the new service, you may want to switch to a new bank that will pay you to give them a try.
Can I get more than one bribe from each bank?
Sometimes. With some banks (e.g. Nationwide), you can get the bonus for switching one sole and one joint current account.
XXX Bank gave me a bonus before, can I get abonus again?
You need to check the individual offer terms.
Will this affect my credit score?
Credit scores are a funny thing, what is more important is what is actually in your credit file. Obviously if you apply for an overdraft then it will affect your "credit score". However, if you do not have an overdraft or you make sure that you have paid off any overdraft before switching banks, then a single current account switch should not negatively impact your credit score. Nevertheless, all major banks (excepting Monzo and Starling) do a hard credit search, and this will be recorded on your file. If you plan on applying for a new mortgage soon then you may wish to exercise caution in switching between a load of banks. This is because the hard searches performed by banks will appear on your report and may have an effect for 6-12 months.
I have a bad credit score, will I be accepted to XXX bank?
Unfortunately, we do not know the acceptance criteria of the banks. You might be unlucky with one bank, but lucky with another.
After switching my account, I still have online banking with my old provider. Do I need this?
No. You do not need to keep the online access (you could shut it down). But you may wish to retain these details in case your old bank suddenly appears with an offer that makes you want to switch back. Or open up a savings account.
Additional offers are available on beermoneyuk that can help with bank switch offers?
Maybe you do not want to switch your main account, so you want to set up another to switch. If you do, you might want to set up some direct debits onto this account. There are several bank account offers listed on beermoneyuk that you can take advantage of. There's also several other apps/services offering bonuses that you could use to satisfy any direct debit requirements. Here are some:
| Site/App | Offer | Comment |
|---|---|---|
| Monzo (Search) | Quick to set up bank account (£5 bonus) | Can't reopen account for 1 month |
| Plum (Search) | A very useful direct debit | Easy and fast to set up |
| Sprive (Search) | Autosavings for mortgage overpayment direct debit (£5 bonus) | Easy and fast to set up |
| Wealthify (Search) | A very useful direct debit (£1/month min) | Easy and fast to set up |
Posted Jan 24, 2023, 12:30 AM UTC · edited · locked