How switching your bank account could earn you up to £220
Financial experts are encouraging consumers to switch bank accounts to take advantage of switching bonuses and better interest rates. Research suggests that consumer inertia is costing British savers billions in potential interest annually.
Why it matters
Understanding personal finance and banking competition can help individuals maximize their savings and avoid unnecessary financial losses.
Image source, Getty Images By Jemma Crew Business reporter Published 17 August 2026, 00:14 BST Many of us have been with the same bank for years, potentially missing out on hundreds of pounds that rivals are offering us to move to them.
Whether it's loyalty, laziness, or fear it'll be a faff that keeps us from switching, banks are competing to change our mind.
More than five banks are currently offering incentives to switch - with the largest bonus £220.
Plus, if you've got savings, you could get a better interest rate - and therefore a greater return on your money.
Almost two thirds of British savers have been with their bank for more than a decade, new research from Hargreaves Lansdown suggests.
Its survey, of 3,000 British adults in August, found 34% have moved their money in the last 12 months.
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