Interest rates have plummeted. We’re getting very little for our savings right now. Lots of people have also lost jobs, making finances tight. Did you know that there is a way to get some cash from doing something as simple as changing who you bank with? They went away for a while but the bank switching bonus is back! Incentives are available and they are well worth getting if you’re struggling for some cash!
What Is A Bank Switching Bonus?
In simple terms, a bank switching bonus is when a bank or building society rewards you for switching our current account to them. The bank switch bonus amounts change from bank to bank but there are opportunities for you to make some money by simply swapping who you bank with. The current account switching service makes sure that everything is transferred over simply and easily. Direct debits will still be in place. They’ll even forward on any payments made to your old account. All you have to do is choose the new bank you’re going to switch to and then enjoy the bank switch bonus they pay you for switching to them!
How Much Can You Earn?
It differs from one bank to another. Currently you can get £125 if you switch to the HSBC Advance account. The bank switch bonus is paid within 30 days of switch completing. This account is also linked to a 2.75 savings account where you can put up to £250 every month.
The RBS Reward account will give you £100 to swap to it. There is a £2 a month fee for the account but you can earn £5 cashback buy logging in via your phone and having two direct debts in place. The bank switching bonus will be paid by the end of January next year, so if you are switching to get some extra cash for Christmas, this one might not be for you!
Switch to the Club Lloyds account and you could be £100 better off. Get a £50 payment if you get a friend or family member to refer you to Metro Bank. There are other bank switching bonus incentives out there too. Take a look around and see what you can find.
Check The Requirements
You need to make sure you check the requirements of the bank account you’re switching to. Some of them have a minimum amount that needs to be paid in every month. Which is great if you get your salary paid in. But if you’ve lost your job you might struggle! You can always pay in what you do have, then pay it in another account, then pay it back into your current account again. You can set this up automatically too. This will help you get to the minimum amount should there be one.
You might also not be eligible for the incentive should you have had one previously with another bank or since a certain date. Be sure that you’re happy with the new bank, their requirements and the Ts & Cs before you make the switch. You need to see beyond the bank switching bonus.
Check The Customer Service
Another thing to double check is the customer service reviews that each bank has. You can so easily get wooed in my money but if that pulls you into a bank with poor customer service, you might regret it. Make sure you’re happy with the new current account you’re switching to.
If you could do with an extra £100 right now and to be honest, who couldn’t, check out the latest bank switch bonus payments and find a new bank that you’re happy with. Happy banking!
