You've found a bank offering £200 to switch. The offer looks brilliant. But when you dive deeper, you realise you don't meet the salary requirement. Or you do, but the bonus has conditions you didn't notice. Or there's a fee buried on page four of the terms.
This is the difference between a genuinely profitable offer and a money-waster. And it's why learning to read bank offers properly matters as much as finding them in the first place.
Most people glance at the headline number and assume they understand the deal. They don't. The gap between "sounds great" and "actually profitable for you" is where thousands of pounds worth of banking income disappears. Let's close that gap.
The Account Age Trap
This one catches more people than anything else.
Almost every bank that offers a switching bonus requires your account to have been open for at least a certain length of time. Usually it's 12 months. Sometimes it's six months. Occasionally it's just 90 days.
Here's where people slip up: they check if they have an account with that bank, assume they qualify, and apply. Then the application gets rejected. Or worse, it gets approved, the money transfers, the account opens—and the bonus never arrives because they opened the account 11 months ago, not 12.
How to check: Look for the phrase "account must have been open for" in the eligibility terms. Count back from today. If you opened your account on 15 February, and it's now 25 September, you're only seven months in. A 12-month requirement means you won't qualify until February next year.
Some banks are stricter still: they require the account to have been open before you apply for the switch. Others will approve you but withhold the bonus until the account age requirement is met. Either way, you lose the money you could have earned in the meantime.
The easiest way to avoid this is to use the eligibility checker before applying. But if you're checking manually, take 30 seconds to count back on a calendar.
Income Requirements and Salary Verification
Banks use salary requirements as a way to reduce risk. They assume higher-earning customers are less likely to default and more likely to stick around. The logic is business-sensible. But it means some offers are simply off-limits to you unless you meet the threshold.
This isn't about whether you should bank with them—it's about whether they'll actually give you the bonus.
Common salary requirements:
- No requirement. Rare, but it happens. Usually smaller bonuses.
- £1,000 per month. Entry level. Most people clear this.
- £1,500 per month. Starting to narrow the field.
- £2,000+ per month. Increasingly selective. Rules out part-time earners, self-employed with variable income, retirees.
What counts as salary? Banks want evidence. Usually:
- Monthly payslips or P60s
- Tax returns (for self-employed)
- Benefits statements (if that's your income)
- Pension statements (if you're drawing a pension)
Banks aren't usually flexible on this. If the requirement is £1,500 a month and you earn £1,450, you're out. If you're freelance and your average is £1,600 but last month was £900, they might not accept you.
How to check: The offer page should state the requirement clearly. If it says "subject to salary verification," call the bank before you apply. Don't waste a credit check on an application that won't qualify.
Bonus Conditions and When They Actually Pay
The headline says "£200 bonus." But read the conditions, and it might say:
- "Bonus paid 30 days after account opening and successful switch."
- "Requires a minimum of £1,500 deposited within 30 days."
- "Requires at least two Direct Debits active on the account."
- "Must remain an active customer for 12 months or the bonus is clawed back."
Each of these is a gate. Miss any one, and the bonus disappears.
The deposit requirement. Some banks want you to pay money in. Not just switch accounts—actually deposit new money. If the offer says "£1,500 must be paid in," you need to move or deposit that amount before the timer runs out. And some banks watch to make sure it stays there for a minimum period.
Direct Debit requirements. This is where people lose bonuses they thought they had. You switch banks. The bonus gets approved. But your new bank requires two active Direct Debits to keep the account open, or to qualify for the full bonus rate. You're thinking, "I've only got one—my rent." So you set up a second Direct Debit just to keep the bonus, using some subscriptions you could've done without.
Read the offer. If it says "requires two active Direct Debits," know that before you switch.
The clawback period. Banks sometimes reserve the right to take the bonus back if you close the account within a set time—often 12 months. This is rarer now, but it still happens with premium accounts or relationship-based bonuses. Read the small print.
Timing of payment. The offer says "£200 bonus." When does it land? The terms might say "30 days after switch completion," or "60 days," or "on the first day of the following month." If you're planning your cash flow around that bonus, you need to know the actual timeline, not guess.
The Fee Hazards
This is where people literally lose money without realising it.
Setup or closure fees. Most accounts don't have these anymore. But premium accounts sometimes do. If the offer comes with a £25 annual fee, and the bonus is £200, you're banking that fee won't be charged for at least three months to break even.
Transfer fees. If you're moving money in bulk—say, shifting £10,000 from savings to take advantage of a new regular saver rate—check if your new bank or old bank charges you for that. Some do. Some charge for moving money to a different provider. It's usually small (£5–£15) but it reduces your net gain.
International transfer fees. If the offer includes an "international payment" benefit but you'll never use it, ignore it. But if you do send money abroad, check what the fees are. Some offers look generous (free transfers for six months) until you read the fine print (excludes payments to non-EEA countries).
Interest rate guarantees. Some offer letters say "rate guaranteed for six months." After that, the rate drops. If you're banking on earning interest at the advertised rate for a year, but the guarantee runs out at six months, your real return is lower than you thought.
Check the terms for fees. If you don't see any mentioned, assume there aren't any. Banks are legally required to disclose fees upfront.
The Overlap Period and Your Real Timing
Here's a mistake: you see an offer from Bank A. You switch. But you're still waiting for money to clear into Bank A from your savings account at Bank B.
During that gap—the "overlap"—your money is either in transit or sitting in your old account earning nothing. Banks know this. They sometimes structure offers to take advantage of it.
Example: Bank A offers 4% on a regular saver account (hypothetically). You switch on 1 October. The bonus terms say "one month after switch completion." It's now 10 October, and money is still trickling in from Bank B. Your cash in Bank A earns 4% only on the balance that's actually there.
This isn't a trap in the offer itself—it's more about your cash flow. But when you're evaluating an offer, think about timing. If you can't deposit the minimum required balance on day one, think about what that delay costs you.
The same logic applies to regular saver accounts. If an offer requires you to pay in £250 per month, and you can't set up the first deposit until day 15, you've "lost" half a month of interest on that first payment. It's small, but across multiple accounts, it adds up.
The Premium Account Trap
Premium accounts come with bells and whistles: cashback, travel insurance, lounge access, higher interest rates. And sometimes a switching bonus.
Before you switch to a premium account for the bonus, ask:
- Is there an annual fee? (Usually £10–£20.)
- Do you actually use the benefits?
- Is the bonus higher than a standard account's offer?
- What happens after 12 months—does the fee continue?
If you switch for a £150 bonus but the account costs £15 a year, and you don't use any of the features, you've effectively earned £135. Still okay, but less than it looks. And if you forget to cancel after 12 months, the fee keeps charging.
Don't be seduced by "premium." If you don't use the perks, it's just an expensive way to earn a bonus.
How to Actually Evaluate an Offer
Here's the framework:
- Check eligibility. Account age, salary, existing relationship—do you meet all of them? If you're unsure, call the bank or check with the eligibility checker.
- Write down the conditions. Not in your head. On paper. "£200 bonus, paid 30 days after switch, requires £1,500 deposited within 14 days, requires two active Direct Debits."
- Calculate your net gain. Bonus minus any fees. If it's £200 bonus and £0 fees, net is £200. If it's £200 bonus and £15 annual fee, your first-year net is £185.
- Check the time to payout. If the bonus takes 60 days but you need the money in 30 days, it doesn't help you.
- Compare against alternatives. Browse the live offers page and compare bank bonuses across your shortlist. Is this the best deal for your situation, or are there better options?
- Set reminders. If the offer has conditions (Direct Debits to set up, deposits to make, dates to remember), put them in your calendar. Don't rely on memory.
Using the Tools
StoozeMax has built tools to make this easier:
- The eligibility checker: Tells you upfront if you qualify for an offer. It takes two minutes and saves you credit checks.
- The live offers page: Shows all current switching offers with their terms spelled out. Bookmark this. Check it monthly. This is where you spot new deals before they close.
- Compare bank bonuses: Line up multiple offers and see them side by side. Useful for deciding which order to switch banks in.
Use these. They're designed to save you the exact mistakes we've covered here.
Common Questions
Do I need to meet the salary requirement if I earn it, but it's irregular?
Generally, yes—but banks vary. Self-employed people, freelancers, and anyone with variable income should call the bank directly and ask. Some accept tax returns. Some want a minimum average over six months. Some won't accept it at all. Don't assume; ask.
What happens if the bonus doesn't arrive when they said it would?
Contact the bank. Most have a grace period. If it's genuinely late (say, 90 days after the promised date), complain to their complaints team. If they don't resolve it, you can escalate to the Financial Ombudsman Service. Document everything—the offer terms, the email confirmations, screenshots of the conditions you met.
Can I do a balance transfer or stooze with the bonus money?
It depends on the offer. Some bonuses come as a deposit straight to your account, and you can do what you like with it. Others are "account credit" that's locked to the account for a set period. Read the terms. Some people move the bonus to a savings account immediately and earn interest on it; others use it for a balance transfer to a 0% card. Check the terms first.
If I don't meet an account age requirement now, will the offer be the same in six months?
Probably not. Bank offers change constantly. That £200 bonus might drop to £150 by the time you're eligible. If you're waiting to meet an account age requirement, don't plan around today's offer—plan conservatively, assuming it'll be smaller. If it's the same or better when you qualify, you're pleasantly surprised.
Are all the requirements on the website binding?
Yes. The offer page terms are the contract. If you apply and later claim you didn't see a condition, the bank will point you to the terms and deny the claim. Read them carefully, or call the bank to confirm before you apply.
The bottom line: offers look simple on the surface, but they're full of conditions designed to protect the bank. Your job is to read those conditions carefully, check that you meet them, calculate your real gain after fees, and only then decide if the offer is worth your time.
Most banking income lost isn't because the offers are bad—it's because people skip this step.