Get Thousands Apply To Switch Current AccountsMoneyThe Guardian

This is especially true if you've had hard checks on your account for other things, such as applying for a credit card. For example, if you're hoping to be approved for a mortgage, you might want to avoid any hard credit checks, including switching bank accounts, for 12 months before you plan on applying.

Finding a new bank may allow you to take advantage of a slew of new benefits, but be sure to consider the potential downsides to make sure it's the best choice for you right now. For instance, a new bank or credit union might charge additional fees, interest rates may disappoint or customer service may be lacking.

ing to the Consumer Financial Protection Bureau, there are “no restrictions on the number of checking and savings accounts you can open or the number of banks or credit unions with which you can have accounts.”

Over 10 million current accounts have been switched so far and over 50 banks and building societies are already part of the service. The Account Switch Service Guarantee means your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account.

Banks that will pay you up to switch ProviderProductAccount TypeRoyal Bank of ScotlandReward Platinum*added valueFirst Direct1st AccountstandardHalifaxReward Current Account + Reward ExtrasstandardHalifaxReward Current Accountstandard11 more rows

There's no limit to how many switches you can make, although many banks will generally only pay out on a switch offer once.

If you have a savings account, you may be limited to no more than six "convenient" withdrawals or transfers per month from the account free of charge. If so, blame your bank, not the Federal Reserve. The Fed, which had long imposed this limitation on savings accounts withdrawals, lifted it in 2020.

How often can I switch bank accounts? There's no limit to the number of times you can switch bank accounts, so there's nothing stopping you from regularly switching to take advantage of cash incentives and other perks. However, before switching, read the small print carefully to check you qualify.