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Sun, 16 Aug 2026

Sun, 16 Aug 2026 How switching your bank account could earn you up to £220

New research suggests staying put is costing British savers billions in missed interest every year.

* More than five banks in the UK are currently offering incentives to switch, with the largest bonus being £220.
* Almost two-thirds of British savers have been with their bank for more than a decade.
* It's estimated that staying put costs British savers around £12bn in missed interest every year.
* The main reason people don't switch banks is the effort of finding and opening new accounts, not fear of switching or loyalty to their current bank.
* Switching banks can result in a better interest rate on savings, which could increase returns by up to hundreds of pounds per year.
* The free Current Account Switch Service (CASS) allows for seamless transfers between old and new accounts, making the process easier than ever.