Did you know some banks are paying you to switch current accounts? They are so desperate for new customers, they are offering up to £200 for you to switch your everyday banking.
If you’re not completely happy with your current account, now could be a good time to switch while making a little money at the same time.
If you’re happy with your bank, I would recommend sticking with them. Satisfaction with a bank is a rare thing nowadays so you should stick with it while it works for you!
If you’re not happy with your current bank, other banks will pay you to switch.
Why stick with something you’re not happy with when switching is so easy?
How to switch bank accounts
Millions of people still bank with the same institution and have never considered switching.
That’s great if you receive quality service and are happy with that bank.
Not so great if you’re not happy.
But switching is easy.
The Current Account Switch Service (CASS) is a formal process designed to help anyone switch bank accounts.
All you need to do is open a new account with the new bank, request a switch and provide your current bank account details.
The banks will manage everything else. They’ll switch your account, your standing orders, direct debits and future dated payments.
To switch a bank account:
- Find an account you like the look of
- Open an account using an online form
- Say yes when the form asks if you’re switching
- Provide your old account details when requested
- Complete the application form
That’s it!
The Current Account Switch Service (CASS) says most current accounts should be completely switched within 7 days.
You may need to change some recurring payments yourself but everything else is taken care of for you.
Recurring payments will include memberships, magazine subscriptions, streaming service subscriptions and that kind of thing.
These aren’t usually managed through your bank account but through the user account of the service. That’s why these won’t be switched.
Otherwise, everything is done for you.
Which banks pay you to switch?
At the time of writing (December 2022), most banks are offering cash incentives to switch.
For example, HSBC are offering up to £200 to switch, First Direct are offering £175 and other banks are offering similar amounts.
These amounts will likely over time so check online for the latest numbers.
MoneySavingExpert has a page dedicated to listing how much banks are paying to switch, so keep an eye on that until you’re ready.
If you want to be paid to switch, make sure you’re switching between banking groups, not just banks.
For example, you won’t get paid for switching from HSBC to First Direct as HSBC owns First Direct.
If it’s the money you’re most interested in, make sure to check before switching.
If you just want a better bank, it’s less of an issue.
Switching bank accounts the easy way
For once, something to do with banking isn’t boring, complicated or involves tons of paperwork.
It’s all done online, the forms are simple and can be completed in minutes and all the hard work is done for you.
Many banks that still have branches can help you open an account in person if you don’t want to do it online. Otherwise you may be able to open an account over the phone as long as you can send proof of ID.
There’s also nothing stopping you from switching, getting your money and switching again.
Some people do this a lot and can make quite a bit of money out of the banks. It makes a nice change for them to give us money!
