Make Money from Bank Switch Promotions
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Bank switching refers to the process of transferring your accounts, such as current or savings accounts, from one bank to another. While bank switching itself may not directly generate income, some banks offer incentives or bonuses to attract new customers. Here is how you can potentially make money from bank switching:
- Research Bank Offers. Look for banks that offer switching bonuses or incentives for new or existing customers. These bonuses could include cash rewards, gift cards, collectable points or other benefits.
- Read carefully the Terms and Conditions. Evaluate the terms and conditions of each bank’s switching offer. Study the requirements or criteria you need to meet to be eligible for the bonus, such as minimum deposit amounts, direct debit requirements, or maintaining the account for a certain period of time.
- Open a New Account. Once you’ve selected a bank with a favourable switching offer, proceed to open a new account with them. This may involve filling out an application online or visiting a branch in person. Provide the necessary documents and complete the account setup process as required by the bank.
- The Current Account Switch Service (CASS) handles the entire switching process for you. It ensures a smooth transition within a span of seven working days, closing your previous account and transferring your funds, direct debits, and standing orders. Additionally, it redirects any incoming payments to your old account to the new one for a minimum of three years. This means that any money mistakenly deposited into your old account or scheduled to be withdrawn from it will be automatically transferred to your new account.
- Fulfill Requirements. Ensure you meet all the requirements specified by the new bank to qualify for the switching bonus. This may include making relevant deposits into the account, maintaining a certain balance, setting up direct debits or standing orders, or fulfilling other conditions within a specific timeframe.
- Receive the Bonus. Once requirements are satisfied, the bank will typically provide the promised switching bonus. This could be in the form of a cash deposit into your new account, a gift card, or other rewards, depending on the bank’s offer.
- Start the process again.
Remember to carefully read the terms and conditions of the switching offer to understand any limitations or restrictions. Some banks may require you to maintain the account for a certain period to avoid penalty charges or to keep the bonus. Additionally, it is important to be mindful of any potential impact on your credit score when opening new accounts or closing existing ones.
There is no restriction on the number of switches you can make, although most banks typically provide a switch offer payout only once. However, some banks may have specific criteria in place that allow for multiple payouts, but usually only after a certain period of being a non-customer, such as three years for instance.
Current Account Switch Service
The Current Account Switch Service (CASS) process is automatic and straightforward. All it takes is to request a switch during the application process at the time of opening a new account with the bank of your choice. Most banks are signed up to CASS, meaning that the switching service will work on the background closing the old account and moving money, direct debits, standing orders, payments (ie: salary), etc. to the new bank account. The process is completed in seven working days.
Should the unexpected happen, CASS makes sure that during the first three years after the switch, any moneys paid into the old account or mistakenly coming out of it will be transferred to the new account. Also, if there are charges involved due to an error during the switch process, they will be refunded by the new bank.