00:00I know some people who've made over two grand for them and their partner and they do it and they do it properly on spreadsheets and you can properly work it.
00:06We're not talking that today. No, we're just talking a simple who's going to pay you what, where, when, how, when am I?
00:10So there's no limit on how many times you switch that they are. There are limits.
00:16Many banks will now say you can't have had a bonus with us before or you can't have had a bonus with us since 2021 or you must be a new customer.
00:22There are always conditions, which is why there being five available right now is good because you might have done three in the past.
00:30Which is why I'll run through them all. So let's talk about how you switch. Is it easy?
00:34It is easy. OK, you have a seven working day switch service, so it takes about 10 days.
00:40What that means, they will close your old account for you. They will move your direct debits.
00:45They will move your standing orders for you. You don't need to do that.
00:48And any payments that go to your old bank account will then be auto forwarded to your new bank account.
00:53However, still, once you switch bank, it's always worth notifying people.
00:56But you don't have to do it straight away. If you miss one, you miss one. It's not a problem because they'll be auto forwarded for a number of years.
01:02So but you should still be. The only thing they don't do that nobody ever mentions, and it's pretty small, is there are three types of regular payments.
01:09Direct debit, standing orders and one called recurring payments, which people don't know.
01:12You know what the first two are. Yeah.
01:13A recurring payment is when you get the long number on your debit or credit card.
01:18But we're talking debit cards here. You don't have the same rights.
01:21It's generally for subscription type services. So many of the streaming services, they use recurring payments, also known as continuous payment authority.
01:29They won't be moved for you. If you've done that on your debit card, you'll have to move that one manually.
01:33So that's the only thing that they don't move for you.
01:35But I did a poll on social media the other week just to ask this. And of 5,500 people who had switched bank in the last couple of years, 90% said it was easy and hassle free. 90%.
01:47And anyone who's had a bad experience in the past, it was probably before they introduced the seven working day switch services.
01:52Right. So it's compelling evidence that it's easy to do.
