Switch bank like a pro (again and again and again...) 

Nice work!

Hey Tony, if you need a referral for Co-op let me know! We both get £125

​@@byiraveyp8705share me please, I am planning to open account in Co-op

When did U get the Quidco 40

I have done all my switching online

@@OptimusToaster Thanks 🙂

The money you receive from switching is classed as taxable income you're supposed to declare. However, if you're working as an employee you're not going to be taxed on it as the taxman won't know about it. It's ultimately up to you I guess whether you want to declare it as extra income on HMRC website. If you're self-employed and on the self-assessment scheme, you're supposed to declare it as income.

I was thinking the same

Brilliant!

Monzo doesn't do a hard credit check so I used it for my dummy account

Why not both?

Is it for savings.?? Kroo is obviously good 3.04 and its fcsc protected but is tandem or chip anybetter.??

I use chip as it was the first one to announce the rise to 3.05%. Pros are there is a £20 sign up bonus if you have £5000 you can put in, you can pay in by debit card and the app shows the interest earned daily (though it isn't rewarded until the end of the month). Cons are that it's a little bit bloated with other account offers taking up screen space.

Legally speaking, it may count as taxable income which should be declared if you're doing this regularly for financial gain and/or it constitutes a significant portion of your annual income. However, technically you could also take the view its a financial gift from the banks. Small infrequent financial gifts are not usually considered taxable income. Most people are working as employees on the PAYE tax scheme, so it's not an issue and you're not going to have to even declare it (unless you want to go on HMRC website and declalre it). For people self-employed on the Self-Asessment Scheme, you're required to declare all income from all sources so this would have to be declared as income when you file your tax return, and so is generally treated as taxable income. However whether you decide to declare it as income, or treat it as a financial gift, is really entirely up to you. It depends on the amount, regularity of payments, and the proportionality relatively to your main income. Think of it like that. If you're doing this with the intent of generating a sizeable amount of regular supplementary income, then legally speaking it's declarable taxable income. Whereas If you do it infrequently in a less organised way, it's a financial gift and not taxable. Since we're not talking about a lot of money really from doing this, and it's only happening infrequently, most people probably wouldn't declare it as it income and would take the view it's a financial gift, the same as if a relative gives you some money. That's not usually taxable unless it provides the bulk of your income, or a significant portion of, and/or is regularly paid, ie as an annual allowance which you need to live on. Everyone in the UK gets two tax allowances on interest and investment gains, £1,000 and £5,000. However that applies only as the name suggests, to interest from savings and returns on other investments, ie share dividends or capital gain on money invested. Since this income doesn't come from an investment or interest, it wouldn't affect those two allowances. And equally, you wouldn't be able to shield the money you get from account switching by using either of those allowances. Since it would be classed as secondary source income, and so taxable. But only if it's a regular activity, provides a significant amount of money relative to your overall annual income, else it could be treated as an infrequent financial gift so not declarable or taxable.

I'm sure you should be able to yes. You can have say a switch going on from Co-op to Lloyds, at the same time as a Halifax to Santander.

@@jasonericf thanks!

@@allthishappened_moreorless Yep, I've had mutliple in progress over the last month to get the switching bonuses.

Yes you can, though bear in mind what I say in the video about credit reports

@Andy Clever Cash thanks Andy! There's no mortgage in my immediate future so I think I'll take the cash 🤣

Monzo bank

Yes you can use starling to switch from :)

If the bank supports switching. For example Starling and Monzo do but Revolut does not

Yep

If you want to switch to Co-op let me know. They are currently doing a referral bonus scheme. You switch and I can then send you my details so you get £125 and so do I. Let me know if you would like my details for the referral!

Can we switch from starling. Thanks

@@dreamer_tom yes you can also can do it with with monzo too

Great

Yes and no. There's two types of credit check, a soft check (which doesn't get registered on your credit file) and a full check which goes on your credit record file. Most banks do a full credit check usually if it's an account with an overdraft facility attached, which most current accounts offer as a standard. Others only do a soft check if there's no overdraft facility so it doesn't get registered on your credit record they just check your credit score is ok and there's no CCJ's or defaults. If you do frequent switches and don't want full credit checks showing on your credit record by loads of banks in a short time period which may affect your credit standing some banks give you the option to have a current account without an overdraft facility when you apply for a new current account. Or you could just ask the bank to remove the overdraft facility before you apply. Read the small print closely about their policy on credit report checking. Taking out loads of bank accounts with overdrafts is likely to be registered on your credit report history and may look suspicious to some lenders, but it's unlikely to affect your overall credit rating score which is based more on your ability to borrow, repay (and not default on) credit lending. That said, you might want to think carefully about doing loads of account switches if you're planning to take out a mortgage or a sizeable loan. Maybe just do one or two account switches (with the best deals) until you get your mortgage or loan. Then after, become active doing regular account switches. You could do the account switches in your partners name perhaps, as a way around this problem.

Yes you can switch from starling bank :) 👍🏾

Yes you can switch from Starling

Should do if the bank is part of the Current Account Account Switch Service which Monzo and Starling are. I switched Monzo for First Direct and it worked fine.

@@birgitfischer8031 I'm about to do Starling to FirstDirect easy £175 it seems

Yes, you can switch from Starling

It probably isn't worth the time it would take to make a fake one just to show you how to use a spread sheet. Bank name in one column, then date switched in, then date switched out. If you can't handle that then I'm not sure how you dress yourself in the morning.

@@esmeecampbell7396 apart from he said that was only one page of a much larger document. He uses to help with all things money, budgeting and accounts.

I had 999 score went to 969 first switch

There’s a link in the video to my video about this

Mines hardly moved after 7 switches in last year (£1400)

No, direct debits are different to standing orders

@@BeCleverWithYourCashthanks, thought so but worth a shot haha. I’ll find some cheapy direct debits !

Hey Wayne, Co-op is doing a £125 referral scheme for those who switch. If you switch you can get £125 if you use referral details. Let me know if you want to make the switch I’ll send you my details

​@@waynejohnson2473PayPal is a good one. It does direct debits.

Yes I also could do with that anyone have one ?

Hey I do - message me on Facebook or insta using the name on my profile. If you can’t find me let me know we will try and sorry something out!

@@byiraveyp8705 thank you 🙏🏾 I’ll message you.

It has to be a switch

Hey sat, if you’re interested in switching to Co-op let me know. I can refer you. We both get £125

@@byiraveyp8705hit me up i'm interested

Because they can keep your details forever. Just because you closed your account 6 years ago and it's not longer reported on your credit file, doesn't mean that your data is erased, shredded, destroyed, squashed, etc.

@J. D. so your telling me banks are wasting money buying excess servers etc to store data they no longer need?

@@Goady1000 I am not telling you such a thing. Point is you are mixing up 2 different things. Banking law and credit files run by CRAs. There's no statute limitation on how long your data is kept.

@J. D. legally you cannot keep personal data for longer than that. Done some research banks have to keep data for 10 years

You can switch immediately! Providing that you do not need to hold the account for a specified duration.

I left both NatWest and Lloyds on first day my reward came .

No, Chase isn’t currently part of the switch service

Why that'd be madness.

I think the proportion of pro switchers is very small. Most people stay loyal to their banks for years/decades/for ever, so it makes sense to dangle a carrot to encourage people to try their bank. When I opened my first account as a child the only reason I chose the bank was because they were offering a free gameboy! And I've stayed with them for over 20 years, and have a mortgage with them, so it was definitely beneficial for them to gift me that freebie 😊

@@NickIrvineFortescue ah makes sense

@@Jhamuraa but yeah that is annoying that the banks don't do the same in India

@@NickIrvineFortescue exactly

I get what you’re saying, but it’s not £17 a month. If I’ve spend at most 15 minutes per switch, that’s four or five hours of work for all those switches. Which gives an hourly rate of at least £400.

That's targeted offer, i.e. account specific.

@@j.d.9848 and? He said about the nationwide one on his notes. Alot of us would have an account with lloyds atm do to the 200 switch offer

@@Goady1000 and nothing. Point is you have this offer, I don't have it on my Lloyd's account as those kind of offers are targeted and specific to you. Enjoy it.

@@j.d.9848 so he shouldn't mention the nationwide one either then should he. Idk why your on my back

@@Goady1000 I am not on your back, sorry if you felt that way.