Change your bank and bag a £100 bonus

Many banks offer cash incentives to switch your current account to them, says Sarah Moore. And it's easier than you think.

Many banks offer cash incentives to switch your current account to them, because they know that you are then more likely to buy additional products, such as credit cards and mortgages.For shrewd savers, there's an opportunity to profit from moving accounts, says Ruth Lythe in the Daily Mail. One dedicated switcher she interviewed has changed bank accounts six times in the last two years, making £800 in the process.

The hassle of moving all your financial arrangements puts many people off ever changing banks. But new rules introduced in 2013 made the process much easier by forcing banks automatically to transfer direct debits from your old account to your new one. This has led to a sharp rise in switches, says Tim Wallace in The Daily Telegraph, with 2.8 million people using the automated switching service since 2013.

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Sarah is MoneyWeek's investment editor. She graduated from the University of Southampton with a BA in English and History, before going on to complete a graduate diploma in law at the College of Law in Guildford. She joined MoneyWeek in 2014 and writes on funds, personal finance, pensions and property.