If you're not doing bank switching offers, you're missing out

These offers don't tend to get as much attention as they should on here (probably because they're not referrals) but in terms of value for time spent you can't do better.

Visit Money Saving Expert for an up to date list of switching offers. It's a fantastic free resource. Currently there's £600 to be made from 4 switches total, and Virgin Money are offering 25% cashback on groceries up to £160 at all major UK supermarkets.

A few tips/caveats:

1. For these offers you must switch you bank account, not just open a new account. This sounds like a pain, but you can simply open a new dummy account (any basic free current account with your existing bank) and switch with that. Contrary to what some believe, you definitely can and often should have multiple current acounts.

2. For some offers you must deposit a certain amount or switch over direct debits. Unless stated otherwise, you can meet a deposit requirement and then immediately move the money back out if the account. I used direct debits with Oxfam and Unicef to qualify for a previous offer, as they allow as low as £1 and it's nice to give the money to charity.

3. Read the eligibility conditions of each offer. You will likely be excluded from some based on previous/current banks you have used, generally but not always including the bank being switched to.

4. This will affect your credit rating in the short term I think, so avoid if applying for a mortgage in the near future. I believe the effect will last around 12 months, but maybe someone better versed in these things can confirm or correct me there.

Hope this helps a few people like myself who will be grateful for the cash :)