Chances are you’re probably clinging on to your Uni days with that student/graduate account, yes? Well if you’re a full-blown adult with an actual job and salary, it’s probably time to think about paying off that overdraft and switching to a regular current account. The good news for you is that there are bank accounts out there that will actually pay you cold hard cash for switching to them.
Ranging from £100-£150, banks will actually pay you to open an account with them, but there are some things to watch out for, of course.
• Most of these accounts have a minimum deposit for you to qualify. This is usually around £750-£1000. Double check that you can afford this before you've excitedly spent the money in your head.
• Some of them will charge you a monthly fee, something like £5/10. This is usually waived if you pay in a certain amount a month, but make sure you check this out before hand. That's like, 4 whole coffees a month you could be missing out on.
• If you're after the added feel-good-factor some bank accounts will make a charitable donation on your behalf when you switch to them. They usually have a list of charities for you to choose from, so you might not be able to donate to your favourite, but hey, a good deed's a good deed, right?
• It's not only that initial cash injection banks are offering, as well as this, there are lots of 'reward' accounts out there, offering you a monthly bonus (usually £5/10) if you continue to pay in a certain amount every month (usually £750-1000).
Although that chunk of cash is really attractive, there are other ways your bank could make/save you money. Some offer you free insurance, vouchers, breakdown cover and other benefits, could these be better for you in the long run? If you're ready to switch, make sure you shop around and find the deal that works best for you! We looked here and here when we were switching.
Now that you're well on your way to becoming a #Supersaver, you should make sure you choose an account that's protected by the FSCS. Find out more at: www.fscs.org.uk/protected
We're giving away little prizes every day for the next 3 weeks, to make becoming a #Supersaver a little bit easier. Follow us @TheDebrief and look out for our #Supersaver competitions! Ts & Cs here.
This article originally appeared on The Debrief.