{
  "id": 1432272,
  "title": "How switching your bank account could earn you up to £220",
  "url": "https://urgent.news/2026/08/16/how-switching-your-bank-account-could-earn-you-up-to-220-1432272",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-16T23:14:47.000Z",
  "source": {
    "name": "BBC Business",
    "slug": "bbc-business",
    "url": "https://www.bbc.co.uk/news/articles/c5y3ex8ry82o?at_medium=RSS&at_campaign=rss"
  },
  "original_language": "en",
  "account": "Switching your current bank account could potentially earn you up to £220, according to recent findings. Despite many individuals staying with their bank for years, they may be missing out on significant financial benefits from rivals offering incentives to switch. Over half a dozen banks are currently providing bonuses, with the largest amount being £220. Additionally, expanding your savings could lead to a higher interest rate, increasing your returns on invested money.\n\nResearch from Hargreaves Lansdown, a UK-based financial services company, indicates that 34% of British savers have changed banks within the past year. This trend is estimated to cost British savers around £12 billion in missed interest annually, based on data from the Financial Conduct Authority.\n\nSimon Belsham, Hargreaves Lansdown's chief client officer, highlights that inactivity can be easy but often results in poor returns. Millions maintain their savings with the same bank by default, allowing banks to reap financial advantages at the expense of British savers.\n\nThe primary reason for switching banks is to secure a superior interest rate, with customers prioritizing this factor when transferring their money. However, loyalty to one's bank often poses a barrier to change due to the perceived inconvenience of managing multiple accounts.\n\nMaking a switch requires careful consideration of various factors, such as the bank's reputation for customer service, associated overdraft charges, and the interest rate provided. Some promotions come with conditions, including minimum account balances or a certain number of direct debits.\n\nIt's important to note that switching banks may impact your credit report, as lenders evaluate borrowers' financial history when assessing loan applications. Opening multiple accounts in a short period might negatively affect your credit score, but closing an old account could potentially improve it.\n\nTo simplify the process, the Current Account Switch Service (CASS) allows over 50 UK banks and building societies to facilitate account transfers. Customers need to inform their new bank of their preferred switch date (allowing for seven working days) and their existing account information. The service handles transfers, balances, and redirections of payments such as benefits or salaries. Your old bank will subsequently close your account. In case of any issues, you will receive a refund for any interest or charges incurred on either your old or new account.",
  "summary": "New research suggests staying put is costing British savers billions in missed interest every year.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}