Could You Get A BETTER BANK ACCOUNT?

ON THE MONEY SPECIAL

- Andy Webb

IF YOU'RE SOMEONE who's had the same current account for as long as you can remember, then you're probably missing out.

Moving your money could get you better banking and customer service, through to monthly rewards and higher interest rates. Plus, there are some huge cash bonuses on offer for switching completely.

Here are my main reasons for you to put switching your bank account at the top of your to-do list.

Switching is easy and profitable

Switching from one bank to another is really simple. Most UK banks use the Current Account Switching Service to do this, which moves all your money and payments in and out to your new account in seven working days, then monitors any future payments in and moves them over too. On top, there's a guarantee that you'll be compensated if something goes wrong.

In return you can pick up bonuses of up to £200-though you will have to close your old account completely to qualify for the free cash. Offers come and go, so check online for the latest promotions.

But there's no reason why once you've switched you can't do it again and again to get even more of these bonuses.

You can have more than one current account

Switching isn't your only option when looking at a new bank. There's no limit on how many banks you can have a current account with, and many will let you have additional accounts on top of your first.

The only potential barrier to opening these extra accounts could be your credit report, as you'll usually be credit-checked when you apply. For most people that's not going to be an issue, though it makes sense to space out applications every few months or so, and avoid it for six months before remortgaging.

Having your money in one account is risky