Switching bank accounts is something many of us never do, and according to research from Statista, almost two in five Brits will only switch banks once every 10 years or more (for a fifth of us, it’s 20 years or more!). But does that allegiance pay off, and could you be getting more bang for your buck? Join our campaign and get your finances sorted at hearstmagazines.co.uk/ ffbest for money-saving tips and brilliant advice on being financially savvy.
1 SHOP AROUND
If you’ve held an account with the same bank for a while, it’s worth considering whether the features of other accounts would suit your current needs better. To check out current accounts, price comparison sites such as money.co.uk, MoneySuperMarket or the bank account comparison tool on the Government’s MoneyHelper website can help weigh up the options.
2 CONSIDER A HIGH-INTEREST ACCOUNT
If your current account is always significantly in credit, an account that pays you a higherthan-normal rate of interest on the balance might appeal. It’s worth bearing in mind, however, that if the rate of interest your money is earning doesn’t come close to the rate of inflation, your money will be losing value in real terms over time, so this type of account is no substitute for a longerterm savings product.
3 CASHBACK
While cashback isn’t a reason in itself to switch, it’s a nice perk if it’s offered on an account that ticks the right boxes in other respects. Sometimes it’s offered as a one-off reward for switching, but on some accounts you can earn ongoing cashback. At the time of writing, you could earn £175 to switch banks via CASS (see #5). Check the terms and conditions, as you’ll usually have to pay in a certain amount of money by a certain date to qualify. Other acco
