09/05/2022
UK BANKING
How top make money simply by switching banks.
Switch your bank accounts
Loyalty to your bank is a thing of the past, and banks know it. That’s why so many offer cash switching incentives (the current highest is £125 from Natwest) for current accounts, many of which link with savings accounts. Many accounts also pay interest, of up to 3% in some cases.
Most banks are also now part of the Current Account Switch Service (CASS) which means they guarantee all direct debits and standing orders are transferred to your new account within seven days.
If they fail to do this and you wind up with a late payment charge from your old account, your new bank should cover it.
Most bank accounts have a minimum pay-in and a two direct debits requirement – make sure you meet them to reap the full benefits of the switching rewards.
Some charge a monthly fee, so watch out for that when you switch over as you do not want to pay out more than you earn.
