Changing bank account for cash initiative

[subwayfunday]

Has anyone ever done this? Some banks are offering £200 to switch. I've been with current bank for over 18 years so a bit wary!

Anyone done this and was it worth it. Do they inform employer of new bank details and direct debits and I get paid some child benefit. Will they tell them too?

If you do it properly i.e. use the switching service, then yes all of your existing recurring payments will move to the new account, and people sending you money will get a message telling them your new account details (although I'm pretty sure I amended mine with my employer anyway as it was easy to do)

It really is very very simple. If you're switching for an incentive, just make sure you meet all the criteria as some need a certain amount paid in per month, minimum number of DDs etc. MSE generally include all of this info

This explains how it works
www.currentaccountswitch.co.uk/

We do it. Usually keep the account for as long as an introductory savings rate lasts then switch again.

It's really simple and last year we did it on both our own accounts plus the joint account which banked us just over £500.

I've got a great linked savings rate at the moment so not switching again until next year.

thanks for that @Rosecoffeecup

I've looked at doing it a couple of times over the years and then just not bothered thinking it will be too much hassle but for £200 I think I'll go for it

I started with a free Starling account and then worked my way through them. I’ve kept my ‘main’ bank account and just switched everything from that initial Starling. You could also use a free Monzo account

Thanks great @DuranNotSpandeau

I know someone in work, she and her DH do it all the time but it always felt like a lot of effort but looking into it and seeing they do it all for you, it's definetely with it

I did it recently from Halifax to NatWest. Went smoothly and I received my money (think it was £200) within a few days.

The only thing is that because some of the banks are linked so for instance HSBC might say you can't do it if you've had a First Direct account in the last X no of years. So we might be running out of options soon!

No hassle at all. The only people I had to notify was a club that takes payment from a card number rather than as a DD.