You may be perfectly happy with your bank account - your money comes in, it goes out, and that’s all you care about. On the other hand, you may be looking for a new product - your bank account isn’t meeting expectations, and you feel like you could be missing out on service or perks. Either way, it is always worth looking into switching your account to get a potential cash payout without having to do much. 

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So what does ‘switching’ actually mean?

We will be referring to current accounts going forward, so let’s ensure we’re clear on that first. A current account allows you to pay money in and out, pay bills and set up direct debits. Essentially, the account will enable you to manage your day-to-day finances. So in this case, switching simply means changing banks so that you open a current account with a different provider, and this often comes with benefits. 

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Is it safe to do?

Switching your current accounts is a safe thing to do. It has been made safe by the Current Account Switching Service (CASS) process, which takes care of your hard work.

If you open a new account and request to switch (move over your old account details), the switching service will move all your information to the new account, including direct debits, standing orders and your money. It also takes care of closing your old account, so that’s another thing you don’t have to worry about. It should be noted that not all banks and building societies are signed up for the CASS service, but most are.

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Here are a few from the CASS website:

• Barclays
• Chase Bank
• Co-operative Bank
• First Direct
• Halifax
• HSBC UK
• Lloyds Bank
• Monzo
• Nationwide Building Society
• NatWest
• Royal Bank of Scotland
• Santander
• Starling Bank
• Think Money
• Virgin Money

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What are the benefits?

There can be many benefits to switching your account, and it may seem like some kind of trap, but sometimes, there are just a few eligibility criteria you need to hit, and you’re good to go. Often, you will need to have a specified amount of money in the account when you first open it. Other than that, you may need to set up a couple of standing orders, direct debits, or commit to paying a certain amount of money every month. 

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What’s out there at the moment?

We’ve picked two examples of banks offering cash rewards if you switch to one of their current accounts. Hopefully, you can see if switching could potentially be for you!

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