Switching bank accounts can be very lucrative, banks want your business and will pay you handsomely for the privilege. 

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The process of switching banks has been made simple by the Current Account Switch Service, this guarantees that your new bank will switch your payments and transfer your balance and the old bank will take care of closing the old account. You can read all about the service here.

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There are different terms to each bonus that the new bank offers. Some require you to deposit a certain amount, transfer direct debits, make a certain amount of payments etc. so ensure you double check exactly what you need to do before you proceed. Below are a few of the current offers and the main points you need to be aware of but as always, check, check and check again before you start the offer. Good luck!

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Direct Debits

As mentioned above, some of these offers require you to transfer over direct debits to the new account. If you do not want to switch your 'main' account and are transferring a second current account then you may need to set up some direct debits before starting the process. One method for this is to link your bank account to PayPal, you do not need to make any payments but this will activate a direct debit with your bank. Another method which I like is to use www.onepounddd.com, you can set up a direct debit to a charity so not only does it help you qualify for the offers but you'll also be doing some good at the same time :-). Just remember to ensure that the direct debits show on your bank first, it differs per bank but most have a section for managing payments where you'll be able to check.