There are many banks that are offering you a nice lump sum if you switch your bank account to them. So yes, you can make some good extra by switching your bank accounts.
Switching Banks Accounts is So Easy Now
Switching bank accounts is a piece of cake! Not to mention, many banks will offer you cash bonuses or other great incentives if you decide to open an account with them. So why not make the most of it? This quick guide will show you how to make multiple switches safely and easily, as well as earn yourself £100s plus some freebies each time you switch.
Word of Warning Before You Consider Switching Accounts
The only real warning when using this approach is the effect it may have on your credit rating, since a credit check is done for each application. Switching banks can have an impact on your ability to get credit in the future as the applications will show up on your credit report and might appear to be a sign of instability. Although it’s not usually a major issue to do it responsibly, multiple applications over a short period of time can seem strange. Therefore, if you have a pressing need for credit (like a new mortgage), it’s best to wait at least 6 months before applying.
How to Make Money Switching Bank Accounts
The idea is straightforward: transfer your existing bank account to a bank that gives you a reward for switching, wait until you get your cash/bonus, then switch to a different bank that offers a reward. Keep repeating this process.
There’s no limit to the number of times you can switch banks, but most will only pay out once on a switch offer. Some have criteria that require you to have been away from the bank for a certain amount of time before they’ll pay out again – typically three years – but this is not always the case.
The Current Account Switch Service (CASS) makes your transition to a new current account simple. The process only takes seven working days, during which your old account will be automatically closed and your money, direct debits and standing orders will be moved to the new one. CASS also ensures that any payments meant for your old account will be rerouted to the new one for a period of up to three years, so your funds are always safe.
Switching Account Success Stories
Now that you have read how easy it is to do, why not do an internet search for; switching bank account success stories, or something similar. Below is an example of what one savvy person has done to generate some extra income.
Since 2014, my partner and I switched our current account, which was a relatively straightforward process using CASS. We’ve continued doing this ever since, and have taken advantage of nearly every switch bonus we qualified for by creating multiple accounts. Over the course of seven years, our combined switch bonuses have totalled over £5,000.
Switching Bank Accounts for Cash is not New
Being able to switch bank account and earning some extra cash has been around for sometime. Quite often, you only become aware of it when you start having to think about ways of earning extra money of saving your hard earned money. So why not just have a go at switching bank accounts and make some extra cash.
Bank Account Leaching
Whilst your busy switching bank accounts, why not also have a look at Bank Account Leaches.