To keep switching banks to make money

[dottypotter]

Could you be bothered I couldn't!!
Martin Lewis was saying tonight about serial bank switchers who make money by keep switching banks!!!

I just switched got £175. I will switch again soon. Was completely pain free. I also keep my Monzo account running in case there is any delays or problems with switch

Been doing this for about 5 years made well over 1000. My husbands done it too. No problems with credit rating

It must be a pain though changing all your direct debits and work details to be paid plus informing HMRC each time if you're paid any benefits.

I keep my main account that my salary is paid in to, then have another account that I transfer money in and out of, and have DD set up to this account. Every time I do a switch the bank move the dd over. It usually only needs to be two so I sometimes just have two set up and the rest on the joint account.

The banks change your direct debits automatically so there's really no effort. I do keep a main account with the bank that our mortgage is with, and salary / child beney and things go in there.

The direct debits are all changed for you.

We just do it with our bills account - doesn't affect the account our employers pay into.

you don't have time to earn £200 for 5 mins work?
I know my hourly rate isn't that high!

Don't really get the posters acting like it's a huge inconvenience....the banks do all the work (like switching your dds over) for you, that's the whole point. Like a pp I use a 'spare' account and cycle through each bank while keeping my main account with the same provider so I don't have to worry about changing bank card etc.

If you exhaust all the offers you can make a grand within a year or so, it's a no brainer!

I have done it multiple times, just done it again today in fact! Is all very straightforward. Had 1 occasion where my mobile dd wasn't taken but I complained and got even more money for that!

Opening and closing current accounts does not affect your credit rating unless she is applying for and using overdrafts which will affect her credit utilization and credit to income ratio etc.

It's not really 5 minutes work though is it?

Just picked an offer at random

• You must complete a full account switch from a current account held with another provider using the Current Account Switch Service. The account you have with another provider must be closed as part of the switch. Manual and partial switches do not count towards this.
• You must transfer a minimum of 2 active Direct Debits from the current account being switched to the Nationwide account as part of the switch. Direct Debits set up or transferred after your switch has been started will not count towards this offer. Other types of automated payments, such as standing orders and recurring card payments, won’t count towards this.

My one and only current account would have to close. I'll have to give new bank details to work and various people who have cause to make payments to me from time to time. New app, new card, new passwords, new pins. I have loads of payees set up on my account, people like my cleaner who I manually pay because the amount and days I pay her vary, they will each need to be set up as a new payee on my new account. Etc etc.
And maybe it isn't a lot of work, but I definitely can't be bothered to do it. If I was skint I'm sure I would.

Yes I switched from power ni to budget and got £40 free electric

@Oysterbabe everything you've listed happens automatically as part of the switch process including closing your old account. Its all automated. I don't think you even have to notify your employer.
I guess the only problem is telling people your new bank details but as far as I remember there's a cross over period where payments to you will be redirected to your new account

Placemarking!

Money will no chase you, you have to chase it. Banks make boatloads out of you so why are you not doing the same? I’ve moved everything into Zopa, last month I made £26 interest can’t wait for this months, I do like free money

Which bank is offering this ?

I think it is easier if you have more than one account, then you don't need to worry about changing cards / pins etc. We have a bills account that we only use to pay out bills so that's an easy switch as we don't use the card anyway, all the DDs are automatically switched and the standing order from our main account to transfer the money to actually pay the bills is automatically switched too. This was in NatWest, but moved to Santander which had a £175 switching incentive and cashback on bills. All I need was the details of the account I was switching from.

Which bank is offering what?

Money to switch

Yep, I've made thousands of pounds over the years.

Most banks atm are offering incentives to switch

Ohh just looked it up thanks I'll be dojng this

Yes I've been doing it. I set up a donor account with starling and 2 direct debits through it. I move money in, then out. I have kept some of the accounts because they have good products (savings accounts) attached to them.

I have never done this before but was inspired by savings interest rates so have just switched my personal account and made £150, our joint account and made £200 and my partner has switched his to an account he already actually had and made £175! That will be a nice stash for Christmas funds. We don't have any debt other than mortgage so don't think it will affect our credit score too much, if it does they're both high and can take the hit.

Move to Zopa & you’ll make far more than the switch incentive. Our everyday acc is paying 2,4 every month. Our biggest level is 2.8.per month definitely worth putting money into. High st banks interest is rubbish