How To Get Cashback When You Switch Bank Accounts

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

Get A Cashback When You Switch Bank Accounts.

Better interest rates on your savings and a cashback are not the only the reasons to switch your bank account.

Thanks to competition regulations, switching a current account isn't as difficult as it used to be. Your new bank will take care of transferring Direct Debits and regular payments for you, usually within seven working days. However, if anything go wrong, your new bank will take care of any costs or penalty charges.

Here are just some of the offers available right now:

HSBC Advance Current Account offers a “Switch, stay and earn up to £200 cashback”

First Direct 1st Account offers up to £125 subject to you paying in at least £1,000 in the first 3 months when you apply via moneysupermarket.com.

TSB Classic Plus Account offers an interest rate of 3% AER on balances of  up to £1,500 monthly provided you pay in a minimum of £500 each month, register for internet banking, paperless statements & correspondence.

Additional benefits

Some premier accounts will also offer you annual travel insurance and other benefits, such as competitive credit cards, but may charge a monthly account fee.

These are just a few of the banking deals out there and most of the high street banks will offer you something to entice you to switch accounts. I'm not giving you financial advice, just information so you can decide which account is right for you.

You can check out all the deals on one of the many online comparison sites.

Of course, there are usually conditions attached to offers, and some are exclusive to their affiliate partner comparison websites, but they are still worthwhile if you're stuck in an old account paying low rates.

Higher savings rates

Don’t forget, there are also better rates to be had by switching your savings and tax free ISA accounts. Even if you go from receiving 1% pa to 2% pa that means you’ve doubled the return on your money.

Banks have a habit of making old savings accounts obsolete by dropping the interest rates, so loyalty does not always pay.

I found this out on an ISA account a few years ago. When I opened the account the rate was one of the best on the market, but three years later it was one of the worst!

A word of warning  

One of the questions you’ll find on many loan application forms is, “how long have you been with your bank?” 

Length of time with your bank, as well as current address or employer, does seem to affect your credit score as is points to your stability.

Also, every time you switch to new bank they will probably carry out a credit search which also leaves a footprint on your credit file.

By all means switch banks, but I wouldn’t be switching every few months just to get a cashback!

You can also ask your own bank for a more competitive account. Just tell them you’re thinking about moving!

I also look for the convenience factor of having a branch near my work or home. Whilst we do most things through Internet banking nowadays, there are still times when I need to visit the branch, for instance banking cash or sorting things out when the internet banking or my phone app goes wrong!

Keeping shopping around. Loyalty may not always pay, financial education always does!

Check out my Podcast episode "Get A Cashback When You Switch Banks" on Anchor! https://anchor.fm/charles-kelly/episodes/Get-A-Cashback-When-You-Switch-Banks-e16fk6

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Money Tips Daily - Make Sure You Get Enough Sleep

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

I trust your weekend is going well? You might be staying up late and enjoying a lie-in after a tiring week, which brings me on to today’s tip, which is about energy management and sleep.

Make Sure You Get Enough Sleep.

Did you know that sleep deprivation could kill you faster than food starvation? People have survived without food for more than 30 days, but the longest known case of going without sleep is just 11 days. Going without sleep for 24 hours leave your mind and decision making capabilities similar to someone who is intoxicated and a day longer and you will experience an altered state of mind. 

Depriving people of sleep is a known torture and interrogation technique and there are documented cases of people have signed confessions to crimes they didn’t commit, some of whom would face the death penalty, just to get some sleep!

These are extreme examples, but we all know that when we do not get a good night’s sleep, we not only lack energy and drive, but also make poor decisions. You cannot put energy into your work or business if you are fatigued and those who try eventually burn out. 

Lack of sleep has also been linked to poor physical and mental health and weight problems.   

Most people need 7-8 hours of sleep to function normally and productively – how can you be productive and on top of your game if you’re tired? The old adage of one hour before midnight is worth two after may have some truth in it. Have you ever gone to bed late and slept in until mid-morning on weekends, yet still felt tired or experience headaches?

I know some of us, like me, are night Owls and some of us are Larks who effortlessly wake up fresh at dawn, but if you are employed and your day starts at 8.30am, you’d better get yourself into a productive routine, or change careers.

Waking up late, or pressing the snooze button for 30 minutes may make you skip breakfast or even a shower and toilet routine. 

Don’t be like the person rushing in late to work or a meeting looking dishevelled, disorganised and holding a half eaten energy bar!

You know that when you get up late, because you stayed up late and failed to prepare for the next day, you are probably going to have “one of those days”. The car won’t start or is low on fuel, traffic problems, no parking spaces, late train or forgetting that file you needed for the meeting.

Get up early enough to meditate and look forward to the day ahead, exercise or stretch, hydrate your body and eat a healthy breakfast, shower and dress for success.

There are numerous techniques and websites offering tips and advice on getting a good night’s sleep. Here’s a summary of the best tips.

Try setting a regular bedtime.

Have a wind-down time and routine where you avoid eating, drinking alcohol, watching television, news, social media or reading all the bad news in the newspaper for at least a good two to three hours before turning in.

Stick to the bedtime routine and stop watching late night movies or sport on TV. Record programmes you feel you can’t miss or watch on catch-up TV.

Enjoy some quiet time relaxing or meditating on the things you are thankful for that day, for instance. “I am grateful that my day went well and in particular I......”.

Your day begins the night before.

You could also offload things which are running around in your head about the day ahead by making a quick list or plan for the following day, and organising your things in advance.

Your bedroom should be a peaceful, clean, clutter free haven, which is ventilated and not too warm or cold. Keep the room dark and protected from light which can disturb your sleep.

Keep smart phones, laptops and TV’s switched off and away from your pillow – I know how hard it is to say goodnight to my iphone! Some experts recommend switching off the power on phones (and any electrical appliances) and using an old fashioned alarm clock to wake you up.

Try these tips for 30 days and make a note of how you feel. 

Enjoy the rest of the weekend and sleep well! 

See also: 

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Model the Rich and Successful