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How you can get paid for simply moving to a new bank
SAVVY Brits have just days left to bag £150 in free cash by switching current accounts.
The Co-operative Bank is ending its switching deal on Friday, July 5.
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Newbies can bag £75 paid upfront for the switch, then a further £15 per month for five months to anyone who also opens a Regular Saver account - worth another £75.
Anyone who makes the switch will be credited the £75 free cash within seven days of meeting all the qualifying criteria.
Customers have the choice of opening a Co-operative Bank Standard Current Account or Everyday Extra account.
Then, within 30 days of switching, you have to set up two direct debits, deposit a minimum of £1,000 and register for online or mobile banking.
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You also have to make a minimum 10 card transactions in the first 30 days of the switch.
You won't qualify if you have switched to the Co-operative Bank since November 1, 2022.
To qualify for the additional £75 paid over five months, you have to have received the £75 initial upfront cash payment.
You then have to open a Regular Saver account before the last day of the same month you receive the £75 cash switching incentive.
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You also have to deposit £50 into the savers account in the same month you receive the £75 switching incentive.
That means if you receive the £75 switching bonus in July, you have to have completed the two actions above before the end of July.
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Applications for this offer end on Friday, July 5.
Find out more by visiting www.co-operativebank.co.uk/products/bank-accounts/current-account/.
The Co-operative Bank isn't the only bank offering newbies free cash to switch.
First Direct and Lloyds Bank are offering newbies £175 and Nationwide is offers existing members £200 just for switching over a non-Nationwide current into a FlexDirect account.
You can read more about these offers here, but whichever one you go for make sure to read the terms and conditions.
Plus always check that the account your choosing suits your needs.
For instance, if you're heading abroad you might want to choose an account that offers fee-free card use, or you may want to ensure you;re with a bank that offers good customer service.
For any of these switches you'll need to use the Current Account Switching Service (CASSS for short).
It's a free service that handles the move for you - read more on how it works below.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
However, if free cash isn't the key motivation for you, there's plenty of accounts out there offering newbies other perks.
NOT INTERESTED IN FREE CASH?
Switching current accounts has long been an easy way to pocket free cash from banks luring in new customers.
However, these lucrative deals might not be for everyone.
But other perks including free travel insurance, interest-free overdrafts, and cashback, can also make shifting providers worthwhile.
FREE OVERDRAFTS
Overdraft debts can easily add up, so if you're prone to slipping into the red, ensure you have an account with the lowest possible fees.
First Direct’s fee-free 1st Account offers an interest-free arranged overdraft on balances up to £250.
New customers of Nationwide’s fee-free FlexDirect account will get interest-free arranged overdrafts on balances up to £1,500 for the first year of the account opening.
Remember, an interest-free overdraft should only be used in an emergency or to tide yourself over during an expensive month.
GET CASHBACK
You can make free money from banks with great cashback perks.
The Santander Edge account pays one per cent cashback on selected household bills and travel spending.
Bear in mind, earnings are capped at £20 a month and the account comes with a £3 monthly fee.
The app-only Chase current account also pays customers one per cent cashback on most debit card spending.
You can get up to £15 a month in cashback without a monthly fee.
HIGH INTEREST
Switch current accounts and you can access top saving rates.
For example, Barclays fee-free bank account customers can join its Blue Rewards scheme and apply for a linked Rainy Day Saver which pays 5.12 per cent interest on up to £5,000.
Chase also offers savers a 5.1% savings account from within the account.
TRAVEL PERKS
Virgin Money’s Club M account costs £12.50 a month or £150 a year, but you get free worldwide travel insurance when you switch to the account.
On top of this, you’ll get free mobile phone insurance, plus UK and European breakdown cover with AA, which usually costs more than £150 a year.
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The free services could save you cash if you're a driver and frequent traveller.
But do your sums carefully to ensure it's a good deal for your circumstances.
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