Get Paid to Switch: How to Earn Up to £200 From UK Banks Right Now!

Are you leaving free money on the table by sticking with your current bank? UK banks are currently offering substantial cash incentives to attract new customers – and switching has never been easier. This comprehensive guide breaks down the best bank switching offers available right now, helping you maximize your banking benefits with minimal effort.

Have you downloaded KaamKotha UK mobile app yet ? Download from here today!

Top Bank Switching Offers Available Now

First Direct: £175 Cash + 7% Regular Saver

First Direct is offering an impressive £175 switching bonus, combined with their highly-rated 7% regular saver account. The bank has consistently ranked at the top of customer service polls, scoring an outstanding 91% 'great' rating in the most recent survey.

To qualify:

• You must not have ever had ANY account with First Direct
• You cannot have opened an HSBC current account since January 2018
• Open the account in-app (or online for joint accounts)
• Switch in an account from a different bank, including 2+ direct debits or standing orders within 45 days
• Pay in £1,000+ and make 5+ debit card payments within 45 days

The £175 bonus is paid by the 20th of the following month after meeting all the switch criteria. The account comes with a £250 interest-free overdraft (subject to a credit check), and you can save up to £300 a month in their linked regular saver paying 7% fixed for a year (that's up to £137 in interest). They also offer near-perfect rates when spending overseas, making this an excellent all-around choice.

NatWest Reward: £150 Cash + £36/year Cashback + 6.17% Regular Saver

NatWest offers a compelling £150 switching bonus plus ongoing benefits through their Reward account.

To qualify:

• You cannot have ever received a switch bonus from NatWest, RBS, or Ulster Bank before
• Open a new NatWest Reward account (or already have one)
• Switch in a non-NatWest, RBS, or Ulster Bank account online or via the mobile app
• Pay in £1,250+ and log in to mobile banking within 60 days

The £150 bonus is paid within 30 days of meeting the criteria. The account comes with a £2/month fee but offers £5/month cashback when you pay in £1,250, pay out 2+ direct debits of £2+, and log into the mobile banking app each month—resulting in a net gain of £3/month or £36/year.

Additionally, you get access to their linked regular saver which allows savings up to £150/month at 6.17% variable interest on up to £5,000. If you deposited the maximum amount each month for a year, you'd earn approximately £60 in interest.

Note that the account has a minimum pay-in requirement of £1,250/month and an overdraft rate of 39.49% EAR variable.

How Bank Switching Works

The Current Account Switch Service (CASS) makes switching banks remarkably straightforward. Here's how it works:

1. Apply for your new account - Complete the application process with your chosen bank
2. Initiate the switch - Tell your new bank you want to use the switching service
3. Provide switch date - Select when you want the switch to complete (usually within 7 working days)
4. Automatic transfer - All your direct debits, standing orders, and incoming payments will be moved automatically
5. Closure of old account - Your previous account will be closed, and any remaining balance transferred
6. Switch Guarantee - The service comes with a guarantee that you won't face penalties if anything goes wrong

The entire process is handled by your new bank, minimizing the paperwork and admin on your part.

Maximizing Your Bank Switching Strategy

Stack Multiple Switches

Nothing prevents you from switching multiple times to collect various bonuses. Here's a strategic approach:

1. Start with the highest value switch - Begin with the bank offering the best combination of bonus and ongoing benefits
2. Wait for the bonus to be paid - Most banks pay within 14-30 days of completing the switch
3. Identify your next target - Research which bank to switch to next
4. Maintain eligibility - Ensure you meet all requirements before switching again

By strategically chain-switching every few months, you could potentially earn hundreds of pounds annually.

Consider the Total Package

While cash bonuses are eye-catching, consider other factors that may provide long-term value:

• Interest rates on current and savings accounts
• Overdraft fees and terms
• Monthly account fees and ways to waive them
• Linked savings accounts with preferential rates
• Additional perks like cashback, insurance, or lifestyle benefits
• Mobile banking functionality and user experience

The ideal account balances immediate bonuses with ongoing benefits that suit your financial needs.

Potential Drawbacks to Consider

Impact on Credit Score

Each bank account application typically involves a credit check, which can temporarily impact your credit score. Frequent applications in a short timeframe may affect future credit applications, so space out your switches if you're planning to apply for a mortgage or other significant credit soon.

Meeting Ongoing Requirements

Many accounts with attractive bonuses require you to:

• Maintain minimum monthly deposits
• Keep a minimum number of direct debits active
• Pay in a certain amount regularly
• Use their mobile banking app

Failure to meet these criteria may result in account fees or reduced benefits.

Time Limitations

Most banks won't let you claim a switching bonus if you've had an account with them (or sometimes their wider banking group) within a specified period – typically 18 months to 3 years.

Bottom Line: Is Switching Worth It?

For most people, the answer is a resounding yes. The financial benefits often outweigh the minimal effort required, especially with the streamlined Current Account Switch Service handling most of the work.

However, if you have a complex banking arrangement, rely heavily on branch services, or have established relationships that provide value beyond what new accounts offer, you might want to weigh the pros and cons more carefully.

That said, with up to £200 on offer for a process that takes less than an hour of your time, switching banks provides one of the best returns on investment for your financial admin time.

Ready to boost your bank balance? Check the latest offers, choose the account that best suits your needs, and start the switching process today. Your future self (and wallet) will thank you!

For more financial tips and resources specifically tailored for Nepalese living in the UK, download the KaamKotha UK app today. Our team of experts regularly updates content with the latest information to help you make the most of your financial journey in the United Kingdom.

Note: All offer details are accurate as of publication date. Always check the latest terms and conditions directly with banks before applying, as switching offers can change frequently.