How I Earned Over £700 by Switching Bank Accounts: THE EASY GUIDE

How I Earned Over £700 by Switching Bank Accounts: THE EASY GUIDE

Switching bank accounts can be a surprisingly lucrative way to boost your income. If you’ve ever wondered how to make money switching bank accounts or make money by switching bank accounts, you’re in the right place. In my own experience, I earned over £700 by taking advantage of generous bank switch bonuses. In this guide, I’ll walk you through each step and share tips on how to make money from switching bank accounts—all while ensuring you follow the banks’ terms and conditions.

Disclaimer: Always read the full terms and conditions on each bank’s official website before you apply. Offers are subject to change and eligibility requirements may apply.

My Step-by-Step Bank Switch Journey

Here’s a detailed breakdown of how I managed to make money switching bank accounts and how you can too.

1. First Direct 1st Account*

Bonus: £175
Highlights:

  • No minimum pay-in required
  • Overdraft: 0% up to £250 (then 39.9% EAR variable)
  • Perks: Fee-free overseas spending, a linked regular saver at 7% fixed for one year, and a top service rating (92% ‘great’)

How to Earn Money:

  • Eligibility: Never have held an account with First Direct, and no HSBC current account since January 2018.
  • Steps:
    1. Open your account using the First Direct app (or online for joint accounts).
    2. Switch your existing account from another bank—ensure you transfer at least two direct debits or standing orders within 45 days.
    3. Deposit £1,000+ and make at least five debit card payments within the same period.
  • Bonus Payment: £175 is paid by the 20th of the following month after you meet the criteria.

Switch to First Direct 1st Account*

2. Nationwide FlexDirect

Bonus: £175
Highlights:

  • No minimum pay-in required
  • Overdraft: 0% on up to £50 (then 39.9% EAR variable)
  • Perks: 5% AER interest on balances up to £1,500 for a year, 1% cashback for 12 months, plus a linked regular saver at 6.5% variable interest

How to Earn Money:

  • Eligibility: You must not have switched into a Nationwide account or received switch cash from them since 18 August 2021.
  • Steps:
    1. Open the FlexDirect account online or via the app.
    2. Switch an account from another bank (with at least two direct debits) within 28 days.
    3. Within 31 days, deposit £1,000+ and make at least one debit card payment.
  • Bonus Payment: The £175 bonus is paid within 10 days after you meet the criteria.

Switch to Nationwide FlexDirect

3. Club Lloyds (Including Club Lloyds Silver/Platinum)

Bonus: £175 plus a choice of annual rewards (like 12 months’ Disney+ or cinema tickets)
Highlights:

  • Minimum pay-in: £2,000/month (or a fee applies)
  • Overdraft: 0% on up to £50 (then 39.9% EAR variable)
  • Perks: Linked regular saver at 6.25% fixed for one year on up to £400/month

How to Earn Money:

  • Eligibility: You must not have received switch cash from Lloyds, Bank of Scotland, or Halifax since April 2020.
  • Steps:
    1. Open the account online, by phone, or in branch.
    2. Switch your existing account, ensuring you set up at least three direct debits.
  • Bonus Payment: £175 is credited within three working days after the switch is complete.

Switch to Club Lloyds

4. TSB Spend & Save*

Bonus: £100 upfront, plus £10/month cashback for six months and an extra reward option
Highlights:

  • No minimum pay-in required
  • Overdraft: 39.9% EAR variable
  • Perks: Linked regular saver offering 6% interest on up to £250/month for 12 months

How to Earn Money:

  • Eligibility: You must not have received a switch bonus from TSB since 1 October 2022.
  • Steps:
    1. Open the account online, via the app, or in branch.
    2. Switch an account from another bank before 14 March.
    3. Use the debit card at least five times and log in to the mobile app to qualify.
  • Bonus Payment: The £100 bonus is paid between 28 March and 11 April after meeting all criteria.

Switch to TSB Spend & Save*

5. Co-op Bank Current Account

Bonus: £75 upfront plus an additional £25/month for three months (totaling up to £150)
Highlights:

  • No minimum pay-in required
  • Overdraft: 35.9% EAR variable
  • Perks: Option to choose between a fee-free account or the Everyday Extra packaged account with added benefits

How to Earn Money:

  • Eligibility: You must not have received switch cash from Co-op Bank since 1 November 2022.
  • Steps for the £75 bonus:
    1. Open a new Co-op Bank account and request to switch an existing account within two weeks.
    2. Complete the full switch within eight weeks.
    3. Within 30 days of switch completion, deposit £1,000+, set up two or more direct debits, register for digital banking, add your debit card to a digital wallet (e.g. Apple/Google Pay), and make at least 10 transactions.
  • Steps for the £25/month reward:
    1. After qualifying for the £75 bonus, maintain a deposit of £1,000+, make at least 10 transactions, and keep two or more direct debits each month for the next three months.
  • Bonus Payment: The initial £75 is paid within seven days of meeting the criteria, with the monthly rewards following accordingly.

Switch to Co-op Bank Current Account

How to Make Money Switching Bank Accounts: A Recap

If you’re wondering how to make money switching bank accounts, here’s a quick summary of my earnings:

  • First Direct 1st Account*: £175
  • Nationwide FlexDirect: £175
  • Club Lloyds: £175
  • TSB Spend & Save*: £100
  • Co-op Bank Current Account: Up to £150

Total Earnings: Over £775!

By carefully following each bank’s T&C and meeting all the necessary criteria, I was able to earn a substantial bonus. This is a great example of how you can make money by switching bank accounts and enjoy the additional benefits that come with better banking features.

Final Tips for Success

  • Always Read the T&C: Before switching, review each bank’s full terms and conditions to ensure you meet all eligibility criteria.
  • Follow the Steps Precisely: Whether you’re switching to First Direct, Nationwide, Club Lloyds, TSB, or Co-op Bank, make sure you complete every required step.
  • Keep Track of Deadlines: Timing is key. Ensure you complete all necessary transactions within the specified time frames.
  • Stay Informed: Offers can change, so it’s a good idea to check the latest details on the bank’s official switch pages (links provided above).

By following these tips, you too can discover how to make money from switching bank accounts and potentially earn hundreds of pounds in bonus cash.

Happy switching and enjoy your extra earnings!