How to Make Money Easily by Switching Bank Accounts
Updated: Jan 11
Have you ever wondered how to make money easily? You can actually do it by switching bank accounts! That’s right, you can actually earn extra money by switching bank accounts and following some simple steps.
This article will share with you how easy it is to make extra money by switching bank accounts, so keep reading to learn more about it!...
The easiest way to switch
To make money easily, you should switch banks. There are a few reasons why this is the best way to go about it:
-You can make money off of interest rates and fees.
-You're more likely to actually use your bank account because it's not an inconvenience.
-There are more options available to you and your money when you switch banks. -Your information will be safer from fraud or hacking, which could happen if you decide to open up a new bank account for whatever reason.
-Many people have at least two or three different types of accounts in order to meet their various needs (one for work, one for personal spending), so switching might be an easy way to simplify your life without losing any benefits.
The most lucrative way of switching
One of the best ways to make money from switching bank accounts is by using a cashback card and then transferring all the funds into the new account.
The process is straightforward: you go shopping with your new credit or debit card, get back some cash, and then transfer the money into your old account. You can either do this manually or use an app like Plum.
If you don't have a Plum account, it's free for individuals and small businesses; if you do have one, there are no limits on how much you can transfer. So what could happen? Imagine that you were able to earn £1000 in cashback rewards every year by shopping with your new credit or debit card - at 3% in rewards that would amount to £300 a year.
That may not sound like much, but over time it will build up as compound interest and quickly becomes significant sum of money.
Important tips before you switch
1. Know the monthly fees for both banks.
2. Know your cash flow, how much money you expect to come in and out of your account on a monthly basis.
3. Know the minimum balance that is required for the account to avoid being charged a monthly fee.
4. Choose an account that has no minimum balance and no monthly fees, if possible!
5. If you have multiple bank accounts, switch all of them at once so they don't charge a fee while they transition to the new bank.
6. If this post helped you, please share it with your friends who are also switching their bank accounts!
What happens during your switch
Switching bank accounts has never been easier. All you have to do is open a new account with your bank of choice, then close your old account. This process can take up to two weeks.
There are some things you should consider before making the switch:
-You need your Social Security Number and proof of address when opening a new account, so make sure you have this information handy.
-It's important that you talk to someone at the bank about what might happen if you don't close your old account, since doing so could cause problems for you in the future such as not having enough money in one of your accounts when it's time for an automatic payment or transfer from another financial institution.
After your switch is complete
I've been banking with one of the big banks for 10 years and I was happy with the service they provide, but I wanted to look into other options. I got a list of all the banks in my area that were within my budget and went on their websites.
After a few days of reading reviews, I chose one and called them up to make sure they had the accounts I wanted. Once I knew which bank it was going to be, it was time for me to call my current bank and tell them about my intentions.
When you switch from one bank account to another, you need 90 days notice or your account will be put on hold until you find an opening at your new institution. This is why it's so important that you do your research first!