How to switch Banks multiple times
Switching banks just got a whole lot easier. Most banks (over 50 of them now) operate something called the Current Account Switch Service (or CASS). When you switch banks, that service does all the hard work for you. It moves your balance, Direct Debits, Standing Orders and any credits, like your salary, to your new bank automatically. It then closes your old account for you.
All you need to do is choose your new bank, fill in a simple online form, and let CASS do the rest for you. The whole process takes around 7 working days and you can switch as many times as you like for free.
Warning: If you're about to apply for a major credit facility, like a mortgage, you might want to hold off for 6 months or so. Applying for a bank account, even if you're not applying for an overdraft, will record a search on your credit file. That may impact your credit rating if you apply multiple times in short succession.
Ready to switch? Here's how...
Step 1 - Decide which account you're going to switch.
You have a couple of options here. If you're unhappy with your old bank, or just fancy a change, you can switch that old bank to something new.
Alternatively, you could leave your old bank well alone, and set up a new "burner" account with the sole intention of switching it to another bank, simply to get the incentive payment offered by a new bank.
Step 2 - Choose your new bank.
At any one time, there are usually several banks offering incentives for you to switch to them. We have a page, which we keep up to date, called "Bank Offers" which lists the ones we're aware of. Martin Lewis' excellent Money Saving Expert site also usually carries details of current bank offers.
If there are multiple offers available, and you intend to switch multiple times, it probably makes sense to choose the one that expires first. Other factors to consider are a) how long you need to stay with your new bank until they pay any switch bonus and c) if the new bank is part of a bigger group. For example, RBS probably wont pay you to switch to NatWest and vice versa.
Just do your research and choose the best account for you.
Step 3 - Make sure you can meet the eligibility criteria.
Almost all switch deals require you to move "two active Direct Debits" (active usually means ones that have paid out or been setup in the last 12-13 months). If you've just set up a burner account with the sole intention of switching it somewhere else, you probably wont have those Direct Debits in place.
Don't worry. That's where we come in. We can hook you up with two low cost Direct Debits that will enable you to meet this criteria. Just hop over to our "Join Us" page for details.
Some offers will also require you to pay in a certain amount of money. Most of the time you can just pay this in then withdraw it the next day.
Lastly, some offers require you to make a small number of qualifying purchases with your new debit card before the bonus gets paid. You can usually get away with buying a few cups of coffee or bags of crisps.
Step 4 - Wait for the reward to be paid, then switch again!
Your reward will typically be paid into your account automatically as soon as you've completed the switch and met any eligibility criteria. Once it's been paid, you're ready to switch again. Go to Step 2 and repeat the process.
It really is that simple.
Still have questions?
Our handy Frequently Asked Questions page has all the answers. If you can't find the answer you're looking for, just reach out to us via the Contact page and we'll do our best to help you.
