Please note that switching your current account multiple times in a short space of time will affect your credit rating and should NOT be done if you’re looking to take out a mortgage in the next two years!
Two weeks ago I posted about how I’d managed to make a fair bit of money from transferring current accounts and maximising interest by using 5% regular savings accounts.
Well since then I decided to look around for what offers were available for swapping current accounts and found that NatWest were offering £125 for switching even if you’re an existing customer!
I’ve been with NatWest since the early noughties so I defiantely qualify as an existing customer and I have a spare current account that no longer pays any benefits for owning it – my Marks and Spencer current account which I’ve had for around one year now. I filled in the form Jan 23rd and by Jan 31st the switch process was complete 🙂 Now I just need to wait for the reward.
The only disadvantage of swapping the Marks and Spencer current account to NatWest is that I no longer have another spare current account – so I may need to open another free one in a month or so 😉
I also found out this month that by opening a regular savings account as close to the end of the month as possible maximises the interest you’ll receive. Last year I opened another Nationwide regular saver (after the last one matured) on the 28th January and immediately deposited £500. Then I setup a regular transfer to occur on the first of every month. This enabled me to transfer the last payment on the 1st (or near enough) of Jan 2018 meaning that the total in the account when it matured was £6500 rather than the usual £6000. The Interest earned was £185.35 compared to the previous year of £163.27 😀
I’m not sure how many more switches I’m going to make this year as I have a few purchases I need to make, so money will be tight… (yeah, you don’t need to feel sorry for me!)