Overview

Switching banks isn’t just about finding a better deal – it’s also a chance to earn generous rewards!

Many banks offer switching bonuses to attract new customers, and you could pocket up to £200 or more with little effort.

Thanks to the Current Account Switch Service, transferring your money between banks is easier than ever. Here’s your ultimate guide to bank switching and how to make the most of it.

What is Bank Switching and How Does It Work? 🔄

Banks are always looking for new customers, which is why they offer switching bonuses. These are one-time cash rewards for customers who meet specific requirements when opening a new account. The best part? Switching your account is super easy thanks to the Current Account Switch Service.

Once you apply for a new account, the bank will handle the rest – transferring everything, including your balance, direct debits, and standing orders. There’s no need to manually move anything!

Even better, you can collect multiple switching bonuses. As long as you meet the requirements for each offer, you can earn again and again.

Can You Switch Banks Multiple Times? 🔁

Absolutely! In fact, many people open a “burner” account just for switching. This allows you to collect bonuses without affecting your main account (like your salary payments). It’s a smart way to earn rewards without any hassle.

Step-by-Step Guide to Bank Switching 🌱

Step 1️⃣: Choose Your Account
Deciding which account to switch is an important first step. Here are your options:

• Switch an Existing Account You’re Not Actively Using 🔄: If you have a current account that you rarely use, it could be an ideal candidate for switching. This lets you take advantage of bonuses without impacting your main financial setup.
• Switch Your Main Account (Proceed with Caution) ⚠️: If you’re unhappy with your current bank’s service or perks, you may choose to switch your primary account. However, keep in mind that your credit history includes the age of your oldest account, so closing or switching it could shorten your credit history, which might impact your credit score.
• Open a “Burner” Account (Recommended) 🔥: To switch accounts frequently for bonuses, consider opening a new account specifically for this purpose. This keeps your main account and its transactions (e.g., salary deposits, bills, and subscriptions) unaffected.

Banks like Monzo offer perks just for opening a new account, making it a great place to start! Be sure the bank participates in the Current Account Switch Service. Most major UK banks do, but it’s always worth double-checking.

Step 2️⃣: Check Active Bank Offers Using ProfitPartner 📱
Bank offers change all the time, with new ones popping up and old ones disappearing. Stay updated on the latest offers with ProfitPartner. It’s free and shows you all the current switching deals.

Step 3️⃣: Plan Your Switches 🗓️
If there are a lot of offers, be strategic about when and in what order you switch. Consider:

• Offer Expiry Dates ⏳: Grab the deals before they disappear!
• Bonus Payout Speed 💨: Choose offers that pay quickly.
• Eligibility Criteria 📋: Some bonuses can be claimed repeatedly after waiting a certain period.

ProfitPartner provides all the details you need, so you can plan your switches to maximize your rewards!

Step 4️⃣: Meet the Offer Requirements ✅
Each switching bonus has specific requirements. Make sure you meet them to guarantee your bonus! Common requirements include:

• Transferring Direct Debits 💳: Certain offers require you to transfer your active direct debits. We recommend setting up a couple direct debits of £1 or more on your switching account. These will automatically transfer as part of the switch. Most offers require two active direct debits of £1+. However, some require this amount to be £2+. You can set up £1/ £2 Direct Debits via ProfitPartner here.
• Depositing Money 💵: Some bonuses ask you to deposit a certain amount into your new account. Don’t worry – you don’t have to keep it there long! A quick transfer from another account usually works just fine.

Step 5️⃣: Wait for Your Bonus and Switch Again! 🎉
Once you’ve met all the requirements, sit back and wait for your bonus to land in your new account. After that, you’re free to start the process again and collect even more rewards!

Top Tips for Bank Switching 🏆

• Stay Organized: Use ProfitPartner to keep track of current offers and requirements. ✔️
• Don’t Rush: Take your time to meet all the conditions. Missing a step could cost you your bonus! 🚫
• Plan Wisely: Be strategic! Prioritize offers with the best bonuses or the quickest payouts, whilst taking into account offer expiry dates. 📊

In Conclusion 💡

Bank switching is a simple way to earn extra cash while finding better deals for your banking. By following these steps you can make the most of every switching bonus. So, why wait? Start switching today and watch your savings grow! 🌿