The 32-year-old from Lancaster told Express.co.uk that it’s a great way to build a savings pot and she’s “never experienced a single hitch”. However, she did share a top tip to make the bank switching process go smoothly.
To date, Verena has made £1025 – plus a box of wine – not bad for around an hour’s work in total.
She hasn’t once experienced any problems and says everyone should give it a go.
Verena added: “The switching process has always gone smoothly for me, I’ve not experienced a single hitch.
“All of the money has gone into savings, it’s been a great way to build up savings quickly.”
While she understands some people’s hesitation when it comes to switching, she has a great tip to help people overcome this.
Verena advised: “You don’t have to switch your main current account if you don’t want to.
“You can have as many different current accounts as you like, so you could always open a second current account to use as your ‘switching’ account.
“Just make sure you meet the criteria for any offers you’re switching – usually a certain number of direct debits set up, and/or a certain amount of money paid in each month.
“Also, keep an eye on your credit score, as opening new accounts does have a temporary impact.”
Despite the simplicity of the bank switching process, over a third (35 percent) of people have stayed with the same bank account they had when they were a child. Kevin Mountford, savings expert and co-founder of Raisin UK said when it comes to bank accounts, it pays to be disloyal.
He said: “If you do switch bank accounts you will see that often, loyalty doesn’t pay. In fact, it is the opposite!
“Banks want to attract new customers, so naturally, new joiners are likely to get the best deals.
“Although you may be tempted to stay with your lifelong account, often because you don’t want the hassle off having to look for a new account – browsing new opportunities for banking is going to give you far better returns in the long run.”
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