An Easy and Free Way to Make Money Online
Current account switching has fallen in spite of the potential savings and big financial incentives being offered by many banks.
Many of us though don’t seem convinced, with money going walkabout and the switch taking over the seven days lead time being our top concerns.
Save £92 a year
By just switching accounts, the Competition and Markets Authority says that consumers could save up to £92 a year if they’ve moved around.
But how does it work and could you really make free money?
It works by all 40 signed up banks and building societies offering the same seven-day switch guarantee. All you need to do is apply to the new bank and they will do the rest.
All direct debits, standing orders, and payments in and out will switch over for you. Plus, any further payments paid to the old account will be transferred to your new one.
The banks want you, pure and simple so will give you free money to come join them.
It’s an easy way to increase your income, or help clear any debt, plus a way to try a new bank out for free, try their offers or any other benefits completely hassle-free. The bank does everything!
Top Free Switching Accounts
These all give you some sort of freebie when you switch. (Please note that deals do change, so you need to seize the moment if you see a good deal that interests you.)
First Direct. Free £100, £250 0% overdraft.
First Direct are well known for their customer service. If you switch you get £100 and a 5% regular savings account thrown in.
To be accepted you have to pay in £1000 a month (salary counts, so that’s around £12,900 a year.) If you can’t do that then there is a £10 a month fee which doesn’t make it worth the switch.
HSBC. Free £200. 6 month 0% fee-free overdraft.
Switching to the HSBC Advance account gives you £150 for switching and £50 after a year of being with them. You also get a 5% linked saver.
When applying online make sure you mention you want to switch and someone will call you within two days.
You need to be earning £1700 a month (that’s £26,100 a year) and need to have two standing orders or direct debits switched over within 30 days.
Co-op Bank. £110. No minimum pay in.
Receive £110 by just switching then by just using your account, they will pay you £5.50 a month for a year, that’s a free £176 on top and £66 the year after.
To be accepted, you have to have at least four active direct debits swapped over and sign up for their Everyday Rewards scheme.
Clydeside Bank. Free £250.
For the £250 you need to switch two direct debits and sign up for the internet or mobile banking service.
To receive this you need to earn £1000 a month (so that’s around £12,900 a year) and have it go into the account every 31 days, ie once a month.
Free cash without having to switch
These involve a bit of messing around but can net you a good few hundred quid for free.
TSB. £150 free. 3% interest on £1500.
The Classic Plus account from TSB doesn’t need you to switch to get the cashback.
It pays you £5 a month cashback as long as you have at least 2 monthly direct debits paying out of it, and another £5 a month when you make 20 debit card payments per month.
To make this work, you need to pay in £500 a month (which you can withdraw again straight away after) go paperless and sign up for internet banking.
The trick is to use this as a second account. So pay in the required £500 and withdraw what you aren’t going to spend. Have enough to cover the direct debits and 20 card payments. So using it as a petrol account or a extras account would work well.
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Get Paid to Pay Bills
You can make a good profit here, especially if you and your partner pay your bills out of separate accounts.
Natwest. 3% Cashback on all main bills.
The Natwest reward account has a £3 a month fee but gives you 3% cashback on your council tax, gas, and electric, water, mobile, landline, TV and broadband bills.
To make this worthwhile, you need to have big outgoings, like £300 a month on bills to net £72 a year after the fee.
Santander. 3% cashback on some bills. 1-2% on others.
The Santander 123 account has a £1 a month fee, but pays you 3% on your phone, broadband, mobile and TV bills, 2% on your gas and electricity bill plus 1% on your water and council tax bill.
You have to pay them all by direct debit, pay in at least £500 a month and log into their online banking.
This is worth it if you have a big Santander mortgage as you get 1% cashback on that as well up to £10 a month!
There are loads of offers out there, and it really isn’t as hard as it seems to switch bank accounts. BACS and the banks themselves want you to switch, and as you can see above, it really is worth your while doing it on a semi-regular basis.
Do you switch bank accounts? Have you ever? Do you think it’s worth it if you get cash back? Let me know in the comments below.