How long have you been with your current bank? Do you know that banks will pay you to move your current account over to them? Could today be the day for you to switch bank accounts?
The number of people who don’t take advantage of bank switching offers is quite simply unbelievable. With minimal effort, you can earn free money and gain fantastic benefits like cashback on bills and top savings interest rates.
If you’re still unsure whether you should switch bank accounts, let’s address some common questions and concerns.
How long will it take me to switch bank accounts?
You will need to invest a bit of your time if you want to switch bank accounts, but the rewards are well worth it. The whole process should take you less than an hour and this will be spread out over a couple of weeks. Your time will be taken up by:
- Researching and choosing which bank to switch to
- Filling out the account application
- Signing up for online banking
- Downloading the mobile banking app
How should I choose a bank to switch to?
Banks regularly change and update their bank switching offers, but the best place to find the latest information and compare accounts is Money Saving Expert. They will help you to compare cash bonuses, long-term rewards and interest rates.
When will the switch be complete?
Once you’ve opened a new current account and requested a switch (this comes up in the application process), the process takes seven working days to complete.
Do I need to change my direct debits?
No, all your money, direct debits and standing orders will automatically be moved across to your new bank account.
If you have any regular card payments set up, however, you will need to update these when you receive your new debit card. These types of payments are usually for memberships and subscriptions, and they require the long number across your card to take payments.
What happens if someone tries to pay my old bank account?
Any payments that are sent to your old bank account, for example your salary, will automatically be transferred to your new one. When you switch accounts, your old bank account will automatically close.
How do I get the rewards?
Once you’ve triggered the bank switch, there’s nothing else you need to do to get your rewards. They will automatically be added to your new account when everything is complete (sometimes you have to wait for a certain period of time before receiving your cash bonus).
What are you waiting for?
Hopefully, you’re now feeling convinced and confident about switching your bank account. It’s not risky and you stand to gain financially from this very easy process.
We recommend checking out bank switching offers at least once a year as there are plenty to benefit from. Let us know how you get on by leaving a comment below.