Steps to Claim Your Bonus
- Choose your bank and target account (e.g., Nationwide FlexDirect, First Direct 1st Account).
- Apply and switch using CASS—your current account will automatically move over.
- Meet required criteria: direct debits, deposit requirements, app login, spending, etc.
- Wait for payment—typically the bonus arrives within 7–30 days after conditions are confirmed, though some offers vary.
- Check for exclusions—many banks exclude previous customers or those who’ve claimed a bonus recently.
Should You Switch?
Yes—but with caution. A Times case study showed how one couple pocketed £825 each by switching five times, though it involved careful tracking and planning.
Be aware of risks:
- Credit score impact: Opening several accounts can trigger multiple credit checks.
- Deadline adherence: Many bonuses require conditions to be met within strict timelines.
- Fees & ongoing requirements: Some accounts charge monthly fees unless conditions are met.
Quick Comparison Table
| Bank | Bonus | Conditions Summary |
|---|---|---|
| Nationwide | £200 | Switch + criteria (possibly existing customers) |
| Lloyds Club Lloyds | £200 | Monthly fee (sometimes waived), switch via CASS |
| First Direct (1st Account) | £175 | CASS, £1,000 deposit, DDs, debit use, online login |
| Barclays (Blue Rewards) | £175 + perks | CASS, Blue Rewards fee, extras like Apple TV+ |
| NatWest (Select/Reward) | £125 + £50 | CASS, £1,250 deposit, app login, saver opened |
| TSB | Up to £310 | Complex: switch + spend + rewards + hotel credit |
| RBS | £175 | Similar to NatWest |