- Teaching What School Doesn't
- Posts
- Banks will pay you to switch to their current account. Here's how
Banks will pay you to switch to their current account. Here's how
George Beecroft
July 04, 2025
👋 Hey guys - Noah here,
What if I told you banks are literally fighting to give you free money right now?
You could get £175 cash, tax-free, for just for switching your current account.
Last month, I helped my mate switch banks. It took him 15 minutes online. 7 days later, £175 landed in his account.
Why Banks Are Desperate To Pay You
Banks make around £140 per year from each current account customer. From overdraft fees, missed payments, and selling you other products.
So paying you £175 to switch? It's a bargain for them if you stick around.
Right now, they're in a full-on price war. And we're the winners.
The Current Deals (That Could End ANY Day)
First Direct: £175
Must switch with 2+ direct debits
No minimum pay-in
Includes £250 interest-free overdraft
Rated UK's best bank for service
Santander Edge: £175
Need to pay in £500/month
Gives 1% cashback on bills
Free £500 overdraft for 12 months
Nationwide FlexDirect: £175
Need 2 active direct debits
Must pay in £1,000/month
5% interest on balances up to £1,500
Club Lloyds: £175
Must pay in £2,000/month
Includes mobile insurance
Cinema tickets discounts
The 7-Day Switch Process (It's Easy)
Here's exactly how it works:
Day 1: Apply Online
Choose your new bank
Fill in the application (10 mins)
Use the Current Account Switch Service
Pick your switch date (7+ days away)
Day 2-6: They Do Everything
New bank contacts old bank
All payments get redirected
Direct debits moved automatically
Standing orders transferred
Your balance moves over
Day 7: Switch Complete
Old account closes
New account fully active
Bonus usually arrives within 30 days
You literally do NOTHING after the application. The Switch Service handles everything.
How To Maximise Your Profits
The Multi-Switch Strategy
You can switch again after getting each bonus. I know people who make £500+ per year just switching banks.
For example:
2022: Switched to HSBC (£150)
2023: Switched to First Direct (£175)
2024: Switched to Santander (£175)
That's £500 for maybe 45 minutes total work!
The Direct Debit Hack
Most banks need 2 active direct debits. Set up:
£1 monthly charity donation
Cheapest phone insurance (£5/month)
Cancel them after you get the bonus
The Pay-In Workaround
Need to pay in £1,500/month but don't earn that much?
Just transfer £1,500 to the account, then transfer it back out. Then do it again. Banks count this as "paying in" £3,000.
Mistakes That'll Cost You The Bonus
Don't Do These:
Close your old account manually (breaks the switch)
Switch without enough direct debits
Apply if you've had an account with them before
Forget to use the Switch Service
Miss the minimum pay-in requirements
The Credit Score Myth
Switching banks won’t even hurt your credit score.
What matters is account age for your OLDEST account. Keep one account open forever (like a basic savings account) and switch your current account all you want.
Your Step-By-Step Action Plan
Today:
Check which banks you've NEVER had accounts with
Compare current offers (they change weekly)
Make sure you have 2+ direct debits
This Week:
Apply online for best offer
Select switch date
Screenshot all bonus terms
Next Month:
Meet any pay-in requirements
Wait for bonus to arrive
Start eyeing up your next switch!
Start TODAY (These Offers Won't Last)
Two years ago, switch bonuses were £100 max. Now they're £175. But banks won't keep throwing money at us forever.
The money is literally sitting there waiting for you. All you need to do is claim it.
Want to find the best switching deals automatically? Snoop scans for new bank switch offers and alerts you when better deals appear. Plus it helps track all your accounts in one place - perfect when you're switching. It's completely free and takes 2 minutes to set up.
Let me know which bank you switched to - always curious which deals people go for!
All the best, Noah