Switch bank like a pro (again and again and again...)

I've switched 17 times in 10 years, making £2,040 in total - and there are still more switches to go!
This video takes you through the hacks and methods I've used to switch multiple times.
W A T C H N E X T
My current account updates
• 5 x Bank Switch offers...
All my videos on bank accounts
• Santander Edge vs 123:...
READ
Latest switching deals
becleverwithyourcash.com/the-...
How to switch like a pro
becleverwithyourcash.com/swit...
00:00 My 17 bank switches worth £2,000
02:39 Step 1 - Create a dummy account
04:15 Step 2 - Get your dummy account ready
06:10 Step 3 - Choose the best switch offer
10:23 Step 4 - Check if you should switch
12:03 Step 5 - Switch
13:48 Step 6 - Track your switches
15:35 Step 7 - Repeat
#Bankaccounts #currentaccounts #bankswitching
MORE
S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
(You'll also get a free Quidco bonus for signing up)
T W I T T E R - / andyclevercash
I N S T A G R A M - / andyclevercash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
B L O G - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[@jessicagalmarini7070]

Definitely great to get yourself sorted before the deals come! It's the first time for me switching and I opened a Metro bank account for that purpose. Luckily, I still have time, however things went kind of wrong. After weeks, I got posted a PIN number, but my debit hasn't come. Online banking with Metro doesn't let you see the full digits of the card - impossible to get them through a call - need to visit a branch to get a new card printed straight away. I just opened a Santander account last week and my switch hasn't been completed, just missed out on those 200 pounds!

[@stewartlowe3271]

Looking back 6 years, from 2018 it's £2,300 to date but that includes £400 which the 2 children and spouses got when 'recommending' them to Nationwide (plus the £400 I obtained which I paid to them too). Since then: 2019 First Direct £350, 2020 NatWest £175, HX £100, Lloyds £100, 2021 NWide £250, 2022 Sant. £175 HX £150, and 2023 looks like being an additional £400 at least. (Currently have 3 switching accounts between us). There's a fair bit of 'faff' to it but nowadays I have the time. Finally signed up with you Andy!

[@neiledwards4612]

Thanks! Keep up the great work!!!! 👍 👏 💪 👌

[@samuelcairns7116]

8:18 it may be worth opening more than one account for switching (best to do this with an existing bank to avoid too many hard searches), so you're not limited to timescales

[@tonydee9850]

1200 in last six mnths,thanks mate.

[@BeCleverWithYourCash]

Nice work!

[@byiraveyp8705]

Hey Tony, if you need a referral for Co-op let me know! We both get £125

[@sprayzytgaming3910]

​@@byiraveyp8705share me please, I am planning to open account in Co-op

[@isaachoward8766]

In my experience to get a back account up and running from appying on internet and being accepted to get your card and pin i found it seems to be a week in normal time so not Christmas or pandemics or Royal mail strikes

[@ceeabee]

Hi, this is very interesting. Re the current NW switching deal. I currently have 2 Metro current accounts both of which have enough in to meet Nat Wests cash requirements. 1 account has a debit card attached to it, the other doesn't. The one with the card is my main account which has all my DD taken from it. My primary question is .. If I switch from my main account do I have to transfer the full balance ? thus, in effect closing it. Or can I just transfer the £1250 required by NW. If a full transfer is required then, I assume, I will have to request a new card for my second account from Metro & use this for the transfer. I have no DDs leaving this account & would have no issues if it were to be closed. Advice on this would be greatly appreciated. Great channel, thanks for all the tips.

[@MDPaulo]

Thanks Andy

[@FilipinoMafia]

Hi! How often can you switch accounts? Also if I just made the switch and got the £££ can I already proceed in switching right away? Thank you

[@redfooty08]

Andy, from history, is it just Nationwide that you’re aware of that has previously allowed a solo switch and a joint switch?

[@AnEmperor-TheKingofTheKings]

🎉Well done 🎉 Excellent Job Done 😊😊😊😊😊😊😊

[@finnbelton3556]

Only done one so far, the HSBC deal you shared tail end of last year. I do have a question. I've got the 200 but am still waiting for the Quidco (40) and your 10 coming through. I assume I should wait for that before I switch again?

[@deniscoupe194]

When did U get the Quidco 40

[@jordan95budd]

Thinking of swapping a 4 year old bank account I don’t use any more. Should I be worried about loosing that from my credit report when I also have a 15+ year old account? Or should I just make a burner account

[@briantimson1397]

How long do I have to have an account with a bank before I can swap it?

[@emrecaaan7879]

Is it possible to switch a Barclays everyday savers account as I don’t have a card for it ?

[@dankett5953]

Hi Andy, can all of this opening different accounts and switching be done online, also would metro bank make a good dummy a/c ? Great stuff many thanks !!

[@OptimusToaster]

I have done all my switching online

[@dankett5953]

@@OptimusToaster Thanks 🙂

[@supaste]

Top tip. Keep track of all your account details using a password manager like keepass. You'll never remember all the security details and it's unwise to write this sort of stuff down.

[@jagesh09]

What sort of details do you need to put in spreadsheet for switch ie month account opened and/or closed?

[@Aaa894]

If you have a normal current account as well as a business account for example with monzo can you switch only the normal account and keep the business account? Also do you have to pay taxes on switching money?

[@paullangton-rogers2390]

The money you receive from switching is classed as taxable income you're supposed to declare. However, if you're working as an employee you're not going to be taxed on it as the taxman won't know about it. It's ultimately up to you I guess whether you want to declare it as extra income on HMRC website. If you're self-employed and on the self-assessment scheme, you're supposed to declare it as income.

[@303ShockWave]

Which are best accounts that won’t do hard credit checks??? I understand that repeat applications for credit can impact an individual’s credit score

[@SamuriLemonX18]

Monzo doesn't do a hard credit check so I used it for my dummy account

[@Rydia704]

@Andy Clever Cash Just done my switch to Lloyds and on the homepage it says the offer ends on 7th March 2023 so not long to do a switch.

[@Goady1000]

I'm leaving the tsb and coop one for now and then maybe a barclays one may appear

[@comfortzone5618]

I was thinking the same

[@mogsy7807]

Hi Alex, I'm just deciding whether to go with Tandem or Chip as they both now pay 3.05%, which would you recommend?

[@rutube007]

Why not both?

[@emmanuelm777]

Is it for savings.?? Kroo is obviously good 3.04 and its fcsc protected but is tandem or chip anybetter.??

[@OptimusToaster]

I use chip as it was the first one to announce the rise to 3.05%. Pros are there is a £20 sign up bonus if you have £5000 you can put in, you can pay in by debit card and the app shows the interest earned daily (though it isn't rewarded until the end of the month). Cons are that it's a little bit bloated with other account offers taking up screen space.

[@mohibellahi4997]

What are the tax implications for the money earned? Does it count as interest? Is it tax free? Does it count for income tax? Etc.

[@paullangton-rogers2390]

Legally speaking, it may count as taxable income which should be declared if you're doing this regularly for financial gain and/or it constitutes a significant portion of your annual income. However, technically you could also take the view its a financial gift from the banks. Small infrequent financial gifts are not usually considered taxable income. Most people are working as employees on the PAYE tax scheme, so it's not an issue and you're not going to have to even declare it (unless you want to go on HMRC website and declalre it). For people self-employed on the Self-Asessment Scheme, you're required to declare all income from all sources so this would have to be declared as income when you file your tax return, and so is generally treated as taxable income. However whether you decide to declare it as income, or treat it as a financial gift, is really entirely up to you. It depends on the amount, regularity of payments, and the proportionality relatively to your main income. Think of it like that. If you're doing this with the intent of generating a sizeable amount of regular supplementary income, then legally speaking it's declarable taxable income. Whereas If you do it infrequently in a less organised way, it's a financial gift and not taxable. Since we're not talking about a lot of money really from doing this, and it's only happening infrequently, most people probably wouldn't declare it as it income and would take the view it's a financial gift, the same as if a relative gives you some money. That's not usually taxable unless it provides the bulk of your income, or a significant portion of, and/or is regularly paid, ie as an annual allowance which you need to live on. Everyone in the UK gets two tax allowances on interest and investment gains, £1,000 and £5,000. However that applies only as the name suggests, to interest from savings and returns on other investments, ie share dividends or capital gain on money invested. Since this income doesn't come from an investment or interest, it wouldn't affect those two allowances. And equally, you wouldn't be able to shield the money you get from account switching by using either of those allowances. Since it would be classed as secondary source income, and so taxable. But only if it's a regular activity, provides a significant amount of money relative to your overall annual income, else it could be treated as an infrequent financial gift so not declarable or taxable.

[@Wilfgood]

Could you show an example of you banking excel document? Obviously would need to use fake accounts and stuff

[@esmeecampbell7396]

It probably isn't worth the time it would take to make a fake one just to show you how to use a spread sheet. Bank name in one column, then date switched in, then date switched out. If you can't handle that then I'm not sure how you dress yourself in the morning.

[@Wilfgood]

@@esmeecampbell7396 apart from he said that was only one page of a much larger document. He uses to help with all things money, budgeting and accounts.

[@TobyGilbody]

what is a quick and easy bank to set up just to switch

[@gavineyles3409]

Monzo bank

[@natashar5800]

Ok so I want to be a pro switcher 😅just checking is this legal? If I have 20 dummy accounts as per your videos 😅😝

[@allthishappened_moreorless]

Are you able to switch more than one account at once if you've got multiple current accounts that you don't need and there are multiple switching offers available?

[@jasonericf]

I'm sure you should be able to yes. You can have say a switch going on from Co-op to Lloyds, at the same time as a Halifax to Santander.

[@allthishappened_moreorless]

@@jasonericf thanks!

[@OptimusToaster]

@@allthishappened_moreorless Yep, I've had mutliple in progress over the last month to get the switching bonuses.

[@BeCleverWithYourCash]

Yes you can, though bear in mind what I say in the video about credit reports

[@allthishappened_moreorless]

@Andy Clever Cash thanks Andy! There's no mortgage in my immediate future so I think I'll take the cash 🤣

[@dreamer_tom]

Andy, can I switch from an online bank like starling. Thanks

[@emmanuelm777]

Yes you can use starling to switch from :)

[@Wilfgood]

If the bank supports switching. For example Starling and Monzo do but Revolut does not

[@BeCleverWithYourCash]

Yep

[@byiraveyp8705]

If you want to switch to Co-op let me know. They are currently doing a referral bonus scheme. You switch and I can then send you my details so you get £125 and so do I. Let me know if you would like my details for the referral!

[@zepp4410]

Would this have any effect on your credit score and getting a mortgage ?

[@paullangton-rogers2390]

Yes and no. There's two types of credit check, a soft check (which doesn't get registered on your credit file) and a full check which goes on your credit record file. Most banks do a full credit check usually if it's an account with an overdraft facility attached, which most current accounts offer as a standard. Others only do a soft check if there's no overdraft facility so it doesn't get registered on your credit record they just check your credit score is ok and there's no CCJ's or defaults. If you do frequent switches and don't want full credit checks showing on your credit record by loads of banks in a short time period which may affect your credit standing some banks give you the option to have a current account without an overdraft facility when you apply for a new current account. Or you could just ask the bank to remove the overdraft facility before you apply. Read the small print closely about their policy on credit report checking. Taking out loads of bank accounts with overdrafts is likely to be registered on your credit report history and may look suspicious to some lenders, but it's unlikely to affect your overall credit rating score which is based more on your ability to borrow, repay (and not default on) credit lending. That said, you might want to think carefully about doing loads of account switches if you're planning to take out a mortgage or a sizeable loan. Maybe just do one or two account switches (with the best deals) until you get your mortgage or loan. Then after, become active doing regular account switches. You could do the account switches in your partners name perhaps, as a way around this problem.

[@seanglossop4777]

Hi Andy I think someone else asked this question in the comments, does this work with switching from a bank like Starling?

[@emmanuelm777]

Yes you can switch from starling bank :) 👍🏾

[@comfortzone5618]

Yes you can switch from Starling

[@birgitfischer8031]

Should do if the bank is part of the Current Account Account Switch Service which Monzo and Starling are. I switched Monzo for First Direct and it worked fine.

[@seanglossop4777]

@@birgitfischer8031 I'm about to do Starling to FirstDirect easy £175 it seems

[@BeCleverWithYourCash]

Yes, you can switch from Starling

[@redcoatphilip]

Does any of these account switching affect your credit profile on hard searches ?

[@Goady1000]

I had 999 score went to 969 first switch

[@BeCleverWithYourCash]

There’s a link in the video to my video about this

[@invictus6360]

I’m doing my first switch from metro to loyds

[@dreamer_tom]

Can we switch from starling. Thanks

[@emmanuelm777]

@@dreamer_tom yes you can also can do it with with monzo too

[@BeCleverWithYourCash]

Great

[@waynejohnson2473]

Do standing orders to other accounts count as direct debits for dummy accounts ? (I doubt it but want to check)

[@BeCleverWithYourCash]

No, direct debits are different to standing orders

[@waynejohnson2473]

@@BeCleverWithYourCashthanks, thought so but worth a shot haha. I’ll find some cheapy direct debits !

[@byiraveyp8705]

Hey Wayne, Co-op is doing a £125 referral scheme for those who switch. If you switch you can get £125 if you use referral details. Let me know if you want to make the switch I’ll send you my details

[@emmanuellaezeocha9409]

​@@waynejohnson2473PayPal is a good one. It does direct debits.

[@Goady1000]

How do the banks know if you had an account with them say 6 plus years ago?

[@j.d.9848]

Because they can keep your details forever. Just because you closed your account 6 years ago and it's not longer reported on your credit file, doesn't mean that your data is erased, shredded, destroyed, squashed, etc.

[@Goady1000]

@J. D. so your telling me banks are wasting money buying excess servers etc to store data they no longer need?

[@j.d.9848]

@@Goady1000 I am not telling you such a thing. Point is you are mixing up 2 different things. Banking law and credit files run by CRAs. There's no statute limitation on how long your data is kept.

[@Goady1000]

@J. D. legally you cannot keep personal data for longer than that. Done some research banks have to keep data for 10 years

[@marcsaunders3131]

I recently switched from nationwide to santander, can I open a new account with the bank I just switched from (nationwide) and keep opening new accounts with them after every switch>?

[@comfortzone5618]

It depends if they will allow you to have another current account with them so soon after switching.

[@byiraveyp8705]

A lot of banks say you can’t return for a certain period. NatWest is 18 months for example. Co-op are doing a referral scheme at the moment. If you want to switch I can give you my details for the referral bonus. We both get £125

[@Carramel]

Hi Andy do you have referral code for Co-op bank?

[@mmd-pne4998]

Yes I also could do with that anyone have one ?

[@byiraveyp8705]

Hey I do - message me on Facebook or insta using the name on my profile. If you can’t find me let me know we will try and sorry something out!

[@Carramel]

@@byiraveyp8705 thank you 🙏🏾 I’ll message you.

[@esmeecampbell7396]

Did just over £1000 in the last 18 months.

[@BeCleverWithYourCash]

Brilliant!

[@satbilla9291]

Does it have to be a switch or can the cash payment be made from opening an account instead.

[@BeCleverWithYourCash]

It has to be a switch

[@byiraveyp8705]

Hey sat, if you’re interested in switching to Co-op let me know. I can refer you. We both get £125

[@muhstyrio]

@@byiraveyp8705hit me up i'm interested

[@vikasj4098]

Won't it affect your credit score/report

[@deniscoupe194]

Mines hardly moved after 7 switches in last year (£1400)

[@TobyGilbody]

How quick from receiving the offer to switching onto another bank

[@comfortzone5618]

You can switch immediately! Providing that you do not need to hold the account for a specified duration.

[@deniscoupe194]

I left both NatWest and Lloyds on first day my reward came .

[@mmd-pne4998]

Anyone have a referral code for co op switch?

[@user-mw9le2si7n]

Is it possible to switch my Chase current account with Lloyds?

[@BeCleverWithYourCash]

No, Chase isn’t currently part of the switch service

[@deniscoupe194]

Why that'd be madness.

[@Jhamuraa]

Why do banks offer so much money when they know people do this? Literally no bank offers money for opening account in india

[@NickIrvineFortescue]

I think the proportion of pro switchers is very small. Most people stay loyal to their banks for years/decades/for ever, so it makes sense to dangle a carrot to encourage people to try their bank. When I opened my first account as a child the only reason I chose the bank was because they were offering a free gameboy! And I've stayed with them for over 20 years, and have a mortgage with them, so it was definitely beneficial for them to gift me that freebie 😊

[@Jhamuraa]

@@NickIrvineFortescue ah makes sense

[@NickIrvineFortescue]

@@Jhamuraa but yeah that is annoying that the banks don't do the same in India

[@Jhamuraa]

@@NickIrvineFortescue exactly

[@01mememememe]

Tax free too boot

[@vkdrk]

so you've made £2,040 in 10 years which is £17 per month. I'm not an expert but I think it's worth staying at work for an hour extra to make the same money...easier and doesn't take as much time as switching/looking for offers/reading all TCs etc. Switching sounds like a a lot of hustle for not that much money

[@BeCleverWithYourCash]

I get what you’re saying, but it’s not £17 a month. If I’ve spend at most 15 minutes per switch, that’s four or five hours of work for all those switches. Which gives an hourly rate of at least £400.

[@Goady1000]

Andy 8% cashback on one sainsburys lloyds credit or debit card until end of march msx you can earn is 30 pounds so a 350! Shop lol

[@j.d.9848]

That's targeted offer, i.e. account specific.

[@Goady1000]

@@j.d.9848 and? He said about the nationwide one on his notes. Alot of us would have an account with lloyds atm do to the 200 switch offer

[@j.d.9848]

@@Goady1000 and nothing. Point is you have this offer, I don't have it on my Lloyd's account as those kind of offers are targeted and specific to you. Enjoy it.

[@Goady1000]

@@j.d.9848 so he shouldn't mention the nationwide one either then should he. Idk why your on my back

[@j.d.9848]

@@Goady1000 I am not on your back, sorry if you felt that way.