What is the current account switch service and how can you use it to earn money?
What is the current account switch service and how can you use it to earn money?
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Moving banks is far less hassle than you might think thanks to a free switching tool. Millions have people have switched bank account over the last decade using a service which is free, quick and, importantly, regulated and guaranteed. Not only that, but those using the service to switch today can often find themselves earning a reward to do so - because competition between banks to secure your custom means they’ll pay out in cash for you to move.
The system is called the Current Account Switch Service (CASS) and it was set up by the government in 2013, to facilitate the ability to change banks seamlessly, as part of a wider reform of the banking sector. Customers and businesses who change from one bank to another by using the service are fully protected against any monetary losses if something goes wrong, with the Current Account Switch Guarantee - part of the service - meaning you’ll be refunded if any costs are incurred.
There are several things to know about using CASS if you’re looking to switch banks, but the most important is simply that this is for current accounts only, not savings accounts, ISAs or other types of account. Individuals can use the CASS, as can joint account holders - as long as both agree to it and the switch is to another joint account.
For businesses, it’s also available for use, though there are certain requirements regarding turnover and number of employees. The same applies for charities and trusts who wish to switch. There are plenty of reasons you might want to switch banks, especially if you have been with yours a long time and don’t feel you are getting any benefit from them.
