With just a quick search on Google, you’ll find a wealth of money making tips and bank account boosting hacks.
From listing old stuff on auction sites to selling handmade crafts, I tried many of them in my teens, when I realised my weekly paper round wasn’t going to get me to my savings goal anytime soon.
I’ve gone on to be relatively thrifty in my adult life, making money go further by exchanging loyalty points for rewards and earning vouchers by postponing energy usage.
They can be slow ways to save, but every little helps, and I like getting a discount on dinner or a day out once I’ve finally accrued the reward.
There are some offers which don’t take quite so long to pay off though.
Now and then, high street banks offer a cash incentive to new customers who are willing to shut down their current accounts and switch to them.
Some people have made thousands of pounds by switching current account at every opportunity they can
GETTY
I’ve read about several serial bank account switchers over the years, who’ve made thousands of pounds by repeatedly changing providers.
While changing current account every time a new incentive is launched seems like too much effort for me, I have previously switched.
Some time ago, having spent most of my morning on life admin – paying the bills, and checking for better deals etc. – I spotted one of the offers.
New customers were being offered around £200 and all they had to do was switch from one high street bank to another.
I fit the criteria, I didn’t have an important credit application coming up, and thanks to living in a city, there was a range of different branches just a bus ride away.
In the past, I was very loyal to my bank, blissfully unaware of the meagre interest rate they were giving me on the money I’d been squirrelling away.
But this lump sum grabbed my attention, so I filled out the forms and let the Current Account Switch Service switch me over.
The process was really easy, so much so that I have switched a few times since then.
I’m not a serial switcher by any means, but I have enjoyed the odd switch incentive every so often, especially when the provider has offered a competitive interest rate on savings alongside it.
I find it interesting how when I've spoken to peers, very few have been aware of these switch incentives.
Hundreds of thousands of people have switched current accounts this year - in the first quarter of 2024, CASS facilitated 320,364 switches, although it's not known how many of these customers got a switching incentive - but I've been surprised by the number of people I know who didn't know about cash switching incentives.
Others have decided to remain loyal to the bank they grew up with, despite the freebies being offered by banks.
MORE FROM GBN MEMBERSHIP:
The Current Account Switch Service is free to use, and more than 50 banks and building societies are part of the service.
The Account Switch Service Guarantee means the new bank switches the payments and transfers the balance over to the new account. Then the old bank takes care of closing the old account.
Switchers just need to check they're eligible for the reward, open the new current account and pick a switch date.
Then it's a matter of ensuring the qualifying criteria are met for the incentive.
Some of these accounts do require people to log into online banking, deposit a specified amount each month, or have a number of direct debits, so it's important people check they qualify and that they're happy with the terms and conditions before considering switching.
Furthermore, prospective switchers should be aware that applications will show up on credit files, so moving bank regularly can affect creditworthiness.
