You've done the hard part — switched banks, met the conditions, and your switching bonus has landed. £200, £300, maybe £500 sitting in your new account. Before it quietly disappears into everyday spending, here are the smartest things to do with it.
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A switching bonus is essentially free money — which makes it a great candidate for investing rather than absorbing into day-to-day spending. A few options depending on your experience level and how hands-on you want to be:
One of the UK's largest flat-fee investment platforms — ISAs, SIPPs, and general investing.
Beginner-friendly platform for buying stocks and ETFs — a simple starting point.
The UK's best-known investment platform — trusted by millions for ISAs and pensions.
Prefer a hands-off approach? &me builds and manages a portfolio for you, with real human advisor access.
Even a single £200-£500 bonus invested and left for several years can grow meaningfully more than it would sitting in a non-interest current account.
Right after a switch is a natural moment to take stock of your wider finances — your bills, Direct Debits, and subscriptions have all just moved with you. Snoop connects to your bank account, shows exactly where your money goes each month, and flags better deals on things like your energy or insurance automatically.
Free money management app — tracks spending and flags better deals automatically.
Serial switchers treat their bonus pot as a rolling fund — using part of each bonus to cover the minimum pay-in requirement for the next switch, rather than spending all of it immediately. If you're planning multiple switches across the year (see our switching order guide), keeping a portion liquid makes the next switch easier to fund.
If you travel — even just the occasional holiday — a chunk of your bonus is well spent eliminating future foreign transaction fees. Currensea links directly to your existing bank account, letting you spend abroad without the markup most UK banks charge.
Travel debit card linked to your existing account — no foreign transaction fees.
If you have family overseas, work internationally, or just travel often, Wise is consistently cheaper than high-street banks for currency transfers and holding multiple currencies.
Send money abroad and hold multiple currencies — lower fees than most UK banks.
The single biggest mistake serial switchers make is letting the bonus simply blend into their current account balance and disappear into everyday spending with nothing to show for it. Even a basic plan — invest half, save half, or invest it all — beats no plan at all.
See which offers are currently live and plan your next switch with BeSwitchReady's monthly guidance.
See live offers →Affiliate disclosure: Links to Interactive Investor, eToro, Hargreaves Lansdown, &me, Snoop, Currensea, and Wise on this page may earn BeSwitchReady a commission. This does not affect our recommendations. Always read each provider's terms before signing up.