Why you need to switch your bank account (and how to do it)

I often write about the benefits of switching bank (you can make hundreds of pounds doing it) - but I know from chatting to friends that lots of people don't know how to go about it.
Luckily I've switched my current account around nine times (it could be more!) so I've got a good idea of what to expect. So in this video I'll explain why you should switch bank and how to do it.
#BankSwitching #MakeMoney #MoneySaving
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Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, presents Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
Andy's KZbin channel won Best Money Vlogger at the 2017 SHOMO awards.
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DISCLAIMER
Content in these videos do not constitute regulated financial advice.

[@Adventure_fuel]

Thank you for your video.

[@user-ne1mx8ds3z]

Very useful

[@jamesbailey1730]

Hey Andy, great video, thanks. I have an account with Barclays and as it happens my mortgage is also with Barclays. I use my Barclays app to track my mortgage balance, so if I switch banks and it closes my bank account, will I still be able to use the app to track my mortgage repayments?

[@nicholastate5012]

Really helpful - thanks :)

[@BeCleverWithYourCash]

Glad it was helpful!

[@alanstjohns]

What if you have more than one account with the same bank you want to switch from? They remain unaffected I assume?

[@James-zu1ij]

How do they switch a fixed term saver to a different bank, and how does my employer get my wages to me if they have the wrong details. Does the bank deal with that also.

[@silverfire01]

I currently have one current account but want to keep current account but open another one. Most sites i have visited re current accounts say will close previous current account and open new one so am not sure.

[@mekekeli9354]

I have got a Monzo account and they were not offering me a joint account, but after a few weeks of me opening a joint account with starling bank, Monzo has finally given me joint account. Can I switch only the joint account of my starling bank and still keep the current account ?

[@anamesiagentille]

Hello Andy, I have just opened an count with monzo to use as my switching account. I want to switch to Santander but how soon after I open the monzo account can I switch? Will this look bad if I switch immediately? Also, should I wait until I have received my physical card?

[@markosborne5028]

Nationwide not bad bank I I switched whith 7 day guarantee now verry happy

[@lothropstoddardiii6231]

i have a dispute with a medical office and they are saying i agreed to something i never agreed to and now they are saying it cannot be "undone" and it amounts to about 240$ a month for a year. Now , i agreed to doing TRT and they tried to talk me into taking another drug. i had never gotten a dose of the 2nd drug, and now they are saying it cannot be undone and i have to pay for it for a year anyways. Now i was considering telling my bank i misplaced my card, but if they have my acc# it wont matter if card # changes...so cant i in theory, open another account somewhere else with say a few bucks and then transfer the rest from old bank into the new banks account which will have a new account number that the medical office doesnt have? I am trying to avoid spending hours on phone disputing this charge and weeks to finalize it... I know the medical office wont sue me, they are straight up scammers.

[@Karlm01]

Interesting in switching, so who sorts out your wages ie do i need to do this with my work place or does the switch do everything?

[@BeCleverWithYourCash]

It will be automatically transferred each month, but it makes sense to tell your employer the new details so they go straight to your new bank

[@colinharvey1049]

Q. you do full switch what happens with the other account you might have with bank other than the current account such as ISA, CC?

[@BeCleverWithYourCash]

It depends. These could be closed down if there's a requiremene for a current account. Most of the time though you'll be ok to keep them

[@tapefilms]

My mortgage is up for renewal soon so I am worried that switching may negatively affect my credit score, for instance, if one of the direct debits did not move over and I missed a payment, what do you think? Thanks for the helpful video :-)

[@BeCleverWithYourCash]

It’s best to avoid switching banks (or applying for any credit) six months before a mortgage application

[@hero0710]

To take advantage of the £150 club loyd switch offer can i first open a current account with a bank and then apply for a switch to Loyds bank within a few days? Does the account that i am "switching from" have to have been open for a certain length of time?

[@atticusnow131]

As long as your bank verifies that the account is open, it is live and ready to go. It might take a little time to set up diect debits for instance, before you begin the switch process. (It takes 7 days from the time you switch for it to complete).

[@hero0710]

@@atticusnow131 thanks. But i think club Lloyds to which i want to switch to doesnt require any direct debits. Not sure but i will have to check.

[@20MaRk23]

Does this affect Credit Rating when doing a full switch? Or a partial switch?

[@BeCleverWithYourCash]

Yes it can. You'll be credit checked when you apply for the new account for a start. And if you do a full switch and close the old account you'll be ending a longer relationship with that bank, which could have an impact. Neither should be too drastic though. Here's more. kzbin.info/www/bejne/hXbRl6uXq8irrNU

[@richbrooks9107]

Hi Andy if you switch do your direct debits stay on the same payment date I have mine set up for the day I get paid

[@BeCleverWithYourCash]

Yes they do, on the exact same date

[@undercover_secret_agent1726]

Hi Andy, When switching can I keep my old Sort code and account number?

[@BeCleverWithYourCash]

Sadly not. You'll get a new sort code and account number with your new bank. But all the payments in and out of your old bank will be monitored and forwarded on, so you don't have to worry about changing details on existing payments.

[@simonclarke1383]

@@BeCleverWithYourCash How long will they do that for?

[@littleman787]

@@simonclarke1383 Did you even watch the video?

[@noranewman6608]

Great !

[@zarah8630]

Make sure there's no glaring omissions there...welll

[@grassytramtracks]

What omissions are you thinking of?

[@martinsmicheal4212]

I live in France, i have some persons who wants to sell their delivero account, they said they just need my bank account, email and phone number..but the truth is i am just scared.. How true is it

[@freerights6695]

Scam