"We made a £ 1,000 change financial institution seven instances and redesigned our backyard with it – so are you able to."

How to change banks

The bank switch should be quick and easy and only take seven working days.

You will need to open a new account with the bank you have chosen and then use that bank's exchange process. Usually you will be asked during the application whether you would like to switch. When you do, the industry-wide intermediary service will close your old account and move your funds, direct debits and standing orders.

In addition, payments to be transferred to your old account will be postponed to the new account for at least the first three years. B. Your salary.

And if you are charged for a counter mistake, it should be reimbursed by the new bank.

What are the best switching deals?

The incentives for switching banks change regularly, but in general some banks offer perks.

For example, right now you can get £ 125 on NatWest and HSBC while RBS pays £ 100. Keep in mind that there are usually certain prerequisites you need to meet to qualify, such as: B. the monthly payment of a minimum amount or the establishment of a series of direct debits.

The following is currently available:

  • HSBC Advance offers a free price of £ 125 plus access to a regular saver of 2.75%. To receive the bonus, you must open an account and start a switch within 30 days, including at least two direct debits or standing orders.
    Once your account is opened you can also get a linked regular savings account at 2.75% which can save you up to £ 250 every month.
  • NatWest Reward offers a free £ 125 plus up to £ 3 per month cashback. You can earn £ 125 for free when you open a NatWest Reward account and apply to switch by November 19th. There's a £ 2 per month fee, but you can make up to £ 5 – so £ 3 per month after the fee – by logging into the mobile app and setting up two direct debits.
  • RBS Reward offers a free £ 100 plus up to £ 3 per month cashback. The RBS Reward account gives £ 100 if you open an account and request a switch by November 19, 2020. You have to pay more than £ 1,500 one time and log into online or mobile banking by December 30, 2020. There's a £ 2 per month fee, but you can make up to £ 5 – so £ 3 per month after the fee – by logging into the mobile app and setting up two direct debits.

Changers can also get 15 bottles of £ 180 worth of wine when they switch to Virgin Money – please be drink conscious.

Always verify that the accounts are suitable for your needs before switching, and consider other factors such as overdraft costs, in-credit interest rates, and customer service. For a full summary, see our Best Bank Accounts Guide.

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