Has anyone here switched bank accounts to make a bit of extra money? With the 7 day switch it is easy to do and a good way of getting some extra cash, although you will have to wait a few weeks to get the bonus.
I have switched banks 3 times now in around 2 years and got £150 + £100 + £125 = £375 this way.
I started off by opening a new current account WITHOUT switching, as I did not want to lose my main current account. I then opened a Tesco instant saver account and a Tesco Internet Saver account as these can both be used to set up 2 x direct debits which you will need for most 'switches'.
EDIT: From April 2018 the Tesco Instant Saver Account and Tesco Internet Saver Account WILL NOT BE ABLE TO PAY DIRECT DEBITS into the accounts. This applies to both old and new accounts.
Any direct debits currently set up on these accounts will also be cancelled.
After a couple of months of the direct debit payments, I applied to switch this new current account to a bank with an offer of £150 to switch.
You do have to be very careful of the terms and conditions of the switch e.g. pay in a certain amount each month (this can be transferred in and out over the month if necessary), have a minimum number of active direct debits already in place, make sure to fully switch the account and close it etc.
Current switching deals are with HSBC £150, M&S £125 and Halifax £125.
For anyone planning on getting a mortgage etc soon it may be best not to do too many as they do show up on credit searches.
I have switched banks 3 times now in around 2 years and got £150 + £100 + £125 = £375 this way.
I started off by opening a new current account WITHOUT switching, as I did not want to lose my main current account. I then opened a Tesco instant saver account and a Tesco Internet Saver account as these can both be used to set up 2 x direct debits which you will need for most 'switches'.
EDIT: From April 2018 the Tesco Instant Saver Account and Tesco Internet Saver Account WILL NOT BE ABLE TO PAY DIRECT DEBITS into the accounts. This applies to both old and new accounts.
Any direct debits currently set up on these accounts will also be cancelled.
After a couple of months of the direct debit payments, I applied to switch this new current account to a bank with an offer of £150 to switch.
You do have to be very careful of the terms and conditions of the switch e.g. pay in a certain amount each month (this can be transferred in and out over the month if necessary), have a minimum number of active direct debits already in place, make sure to fully switch the account and close it etc.
Current switching deals are with HSBC £150, M&S £125 and Halifax £125.
For anyone planning on getting a mortgage etc soon it may be best not to do too many as they do show up on credit searches.
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