Earn money by switching bank accounts

In today’s competitive banking market, many banks are offering cash bonuses and other incentives to attract new customers. This means that you can earn money or get other perks by switching your current account! By Matteo Pennarts

How does it work?

Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger. In some cases, once this is done, the new bank could pay you a cash bonus for making the switch. The amount of the bonus will vary depending on the bank, but it can be up to £200.

What are the pros of switching bank accounts?

There are several pros to switching bank accounts:

• Earn money. As mentioned above, many banks offer cash bonuses to new customers who switch their current accounts. This is a great way to get some free money.

• Get better features. Some banks offer better features than others, such as interest free overdrafts, cashback on purchases, or fee free spending abraod. By switching bank accounts, you may be able to get better features and save money in the long run.

• Improve your customer experience. You can choose a bank that offers better customer service or a better mobile app

What are the cons of switching bank accounts?

There are a few potential cons to switching bank accounts:

• Credit score. Switching current accounts can negatively impact your credit score. Make sure to consider the health of your credit score before deciding to switch.

• Not all accounts switched. Other accounts you might have with the same bank, such as savings accounts, won’t be transferred.

• New details. When online shopping, you’ll need to amend your debit card details wherever you have them stored as your regular payment method.

How do I decide if switching bank accounts is right for me?

If you’re considering switching bank accounts, here are a few things to consider:

• Your banking needs. What are you looking for in a current account? Do you need an interest-free overdraft? Do you want a bank with a good mobile app? Once you know what you’re looking for, you can start to compare different banks and see which one offers the best deal.

• Eligibility requirements. Before you switch, be sure to read the terms and conditions of the new account carefully. Especially the eligibility requirements surrounding any switching incentives. Make sure you understand the fees, interest rates, and any other restrictions.

What are the latest switcher deals?

If you’re looking to compare switcher deals, here are some of the latest offers:

• TSB. £125 when you switch to TSB’s Spend & Save account, and a further £75 if you stay.

• NatWest. £200 for customers that switch to NatWest’s Select or Reward accounts.

• Royal Bank of Scotland. £200 for customers that switch to RBS’s Select or Reward accounts.

• first direct. £175 for customers that switch to the 1st account.

• Ulster Bank. £200 for customers that switch to the Select account.

• Co-operative Bank. Refer a friend and both get £125 when switching to the Current Account or Everyday Extra Account.