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Just a heads up this newsletter has an offer with Top Cashback. If you’re interested in keeping more money in your pocket when shopping with your favourite vendors, scroll down to the end.

Hey,

You can switch accounts for any reason that works for you. My reason to switch is because there are some banks that pay you money to switch. And your girl has a large credit card balance, that doesn’t seem to budge.

I first switched bank accounts in Dec 2024 (to NatWest), it was by slight accident, but I got £180 for it.

I have recently tried to switch again, because I have come to the conclusion, that I prefer the services my old bank offered (Barclays). But I failed to pass the checks to open a new account with them (bearing in mind I banked with them for 13 years, and only disappeared for 8 months).

If I had known more about the switch process, I would have chosen a different point in my timeline to switch the first time.

So, here are somethings to know about switching current accounts:

• It affects your credit score: They do a hard search on you, which stays on your record for 6 months, and lowers your score temporarily.

• Some automated bank transfers will not automatically accept money from your new account: My LISA ONLY takes money from my current account. When I switched, I had to inform my LISA and it took about 14 days for them to accept payments from the new current account.

• If you don’t fulfil all the terms of the switching promotion, you will not get the money that they offer: The process involves completely shutting down your old current account (so it doesn’t exist). If you’re not comfortable with that, then don’t switch.

• They look at your credit score and history: I failed my recent attempt to switch, because I have a loan (with my old bank). And even though I was switching to my old bank, they didn’t like the fact that I had that credit (🙄). However, the bank I switched to in Dec 2024, clearly didn’t mind.

• Ask people who use (and experienced switching to) the account you intend to switch to, for a review: I never had any issues with my old bank, I just switched for the money, but I wish I had asked people about the bank I switched to, because I would have delayed the switch process, had I known the issues with that bank.

• Use either Experian*, Equifax or TransUnion to check which current accounts are eligible for you, before applying: In the UK, these are the big 3 banks use to check your credit score. ClearScore, sadly, is not used by the banks because they are not a credit agency. (I didn’t know this, so now I have switched my ClearScore app for Experian* - but still the free membership duh).

  *If you don’t have an Experian free account, use this Top Cashback link to get £9 cashback for opening up an Experian free account (free as in you don’t pay anything for using that account to get your credit report every month, forever). I do not get any reward for sharing this specific offer. However, should you use Top Cashback for purchases from other eligible vendors, I will receive a commission.

Hope this was a useful read.

Thanks for reading and enjoy the week ahead.

Speak soon,

Rue

Adulting For Life