How switching your bank account could earn you up to £220
Summary
Many UK banks offer bonuses up to £220 to encourage people to switch accounts. Keeping money in the same bank for years can cost savers billions in missed interest, but switching is made easier by a free service that moves payments and closes old accounts.Key Facts
- More than five UK banks offer incentives to switch, with the top bonus being £220.
- Nearly two-thirds of British savers have been with the same bank for over 10 years.
- Staying with the same bank costs British savers an estimated £12 billion a year in missed interest.
- A survey found 34% of British adults moved their money in the last 12 months, mainly for better interest rates.
- Switching banks may affect your credit report, so it’s best to time it carefully if planning to borrow money soon.
- The free Current Account Switch Service helps transfer payments, move balances, and close old accounts within seven working days.
- Customers must manually update recurring card payments like subscriptions after switching.
- It’s advised to download old bank statements before switching, as past records won’t be accessible afterward.
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