Switching Guide
Bank Switching Mistakes to Avoid
The most common ways people lose out on a switching bonus — and how to sidestep every one of them.
Last updated: July 2026
Quick answer
Most missed bonuses come down to eligibility mistakes made before switching, not problems during the switch itself — things like not having two Direct Debits ready, switching to a bank you've already used recently, or missing a small print condition. Nearly all of them are avoidable with a five-minute check beforehand.
Bank switching bonuses are genuinely low-effort, but "low-effort" isn't the same as "no way to get it wrong." Most people who miss out on a bonus don't fail because switching itself went wrong — they fail because of an eligibility detail they didn't check first. Here are the mistakes that actually cost people money, and how to avoid each one.
The mistakes
1
Not having two Direct Debits ready
The single most common reason people don't qualify. Most offers require two active Direct Debits transferred as part of the switch — if you don't have them, you're not eligible no matter how good the offer is.
Fix: set up two genuine Direct Debits before you start looking at offers, not after.
2
Switching to a bank you've used before
Most offers exclude anyone who's held an account with that bank within the last 3 years (sometimes longer). This trips people up especially with banking groups — HSBC and First Direct, or NatWest, RBS, and Ulster Bank, all count as the same group for eligibility purposes.
Fix: check the "who's excluded" section of the offer terms, not just the headline bonus, before applying — see current offers for the full eligibility list on each.
3
Missing the pay-in deadline
Most offers require a minimum deposit within a set window (typically 45-60 days) — miss it, and the bonus doesn't pay out even if everything else was done correctly.
Fix: set a calendar reminder for the deadline the day you switch, not the day you remember to check.
4
Not making the required card payments
Some offers (like HSBC's £220 deal) require a minimum amount of debit card spending, not just a pay-in. This one's easy to overlook if you mostly pay by other methods.
Fix: check whether card spend is required before choosing an offer, and switch your regular spending to the new card immediately if it is.
5
Closing the old account too early
Even with the Switch Guarantee's 3-year redirect protection, it's worth keeping your old account open for a few weeks after switching to confirm everything transferred cleanly, rather than closing it the same day.
Fix: wait until you've confirmed your salary and all Direct Debits are showing correctly on the new account before closing the old one.
6
Switching right before a mortgage application
A switch in the weeks before a mortgage application can leave you without enough clean statement history for a lender to assess, and multiple credit searches close together can raise questions.
Fix: pause switching activity 3-6 months before any mortgage application.
7
Confusing standing orders with Direct Debits
These aren't the same thing, and most offers specifically require Direct Debits — a standing order you set up yourself usually doesn't count.
Fix: check your banking app to confirm which type of payment you actually have before assuming you're eligible.
Skip mistake #1 entirely
BeSwitchReady sets up two genuine Direct Debits — £0.99 each, £1.98/month total — so the most common reason people miss out is never a problem for you.
Be Switch-Ready — £1.98/month
Frequently asked questions
What's the most common reason people miss a switching bonus?
Not having two active Direct Debits ready before switching — this is the single most common eligibility failure across UK switching offers.
Can I lose my switching bonus after receiving it?
Generally no, once it's paid — but some offers require ongoing conditions to be met for a short period after switching, so check the terms rather than assuming it's unconditional the moment it lands.
What happens if I miss the pay-in deadline?
You typically won't receive the bonus, even if you've completed the switch and set up Direct Debits correctly. There's usually no grace period, so it's worth treating deadlines as firm.
Is it a mistake to switch to a bank you've used before?
It's a mistake if you're expecting a bonus — most offers exclude anyone who's held an account with that bank (or its banking group) within the last 3 years.