The Moment I Realised I Wasn’t Switching Bank Accounts Again
It started with a headline.
Something like: “Earn up to £200 for Bank Account Switching.”
A younger me might have clicked immediately, calculator in hand, already picturing the smug satisfaction of free money dropping into my account. But this time? I just sipped my coffee and felt… tired. Tired at the thought of digging out logins, moving direct debits, and wondering if my electricity bill would mysteriously vanish into the abyss.
Somewhere along the way, the thrill had gone. Instead of excitement, I felt the quiet relief of knowing I didn’t have to do it. My accounts were fine. My bills were fine. My peace was worth more.
Here’s what I’ve been learning about keeping it simple.
Why This Matters
Let’s be honest — you could make a few hundred pounds a year from bank switching. The maths works. For some people, it’s almost a hobby. They treat it like a side quest in the video game of life.
But here’s the thing: every “quick” money win comes with invisible strings. There’s the time spent reading small print, the low-level anxiety of moving your main account, and the background hum of “Did I remember to move that direct debit?”
It’s not about whether the bonus is worth the money. It’s about whether it’s worth you — your time, your headspace, your Sunday afternoons that could be spent making a proper roast instead of filling out yet another “switch request” form.
For me, the answer is no.
The Allure of the Bank Bonus (and How It Works)
The basic idea is simple: banks want your custom, so they pay you to move your account. You open the new account, agree to switch your direct debits, and a few weeks later, a nice lump sum lands in your balance.
It’s a neat little system if you enjoy the chase — a puzzle to crack, a checklist to tick. There’s a certain dopamine hit to seeing “Payment from: Bank Incentive” pop up on your statement.
I get why it’s tempting. I’ve done it before. But the very things that make it exciting are the same things that eventually made me sigh and look the other way.
My Three Big Reasons for Saying ‘No Thanks’
1. Admin Hassle — Even with a Guarantee
Technically, the switching process is protected. There’s a guarantee to make sure your payments move over smoothly. Lovely in theory. In practice, it’s still a bit of a faff.
Standing orders? Not always covered. Weird little subscription services? Sometimes go astray. You end up double-checking every bill like a nervous parent on the first day of school.
And if your old bank had perks — like better savings rates or linked accounts — you might lose those when you leave. It’s the financial equivalent of moving house for the free welcome hamper, only to realise you miss the cupboard space.
2. Time Spent vs. Actual Gain
If your time has any value, the maths starts to wobble.
To get the “free” money, you have to:
- Compare offers
- Read through eligibility rules
- Apply for the account
- Move your payments over
- Check nothing breaks
- Remember to switch again when the bonus runs out
And that’s if you qualify. Some offers quietly exclude you if you’ve been a customer in the last three years, or if you don’t have the exact type of direct debit they want.
You can spend an hour going through an application only to find out you are disqualified because of opening an account with the same bank in the past. That’s sixty minutes you could have spent reading in the bath.
3. Disrupting a System That Works
Right now, my banking setup is… boring. Blissfully boring. I have a joint account for bills, a personal account for spending, and a few savings pots ticking away automatically. Money comes in, bills go out, savings build in the background.
It’s a little ecosystem that doesn’t need my constant attention. Switching would be like picking up a rock in the garden — you don’t need to do it, and there’s a good chance you’ll disturb something living peacefully underneath.
When your financial system works, messing with it for a short-term gain can create more work than it’s worth.
A Minimalist’s View on Money Decisions
Minimalism isn’t about owning the fewest things possible — it’s about making space for what matters. The same goes for money.
The real value of a streamlined financial setup isn’t just that it’s tidy. It’s that it frees you from low-level decision fatigue. You don’t have to remember whether your phone bill will bounce because your account is mid-switch. You don’t have to re-update your Netflix login.
For me, financial independence and minimalism overlap here: the less you fuss with your money, the more you can focus on living. And sometimes, saying “no” to a little extra income is actually saying “yes” to something bigger — time with your family, energy for your work, or just the ability to sit quietly without wondering if the council tax payment went through.
Gentle Questions for the Road
Right now, I let the bonuses pass me by. My accounts stay as they are. My bills get paid without my interference. And honestly? That’s a kind of wealth too.
- Where do you draw the line between “worth it” and “too much faff”?
- What’s one money decision you’ve made recently that gave you more peace?
- If you chased fewer deals, what would you do with the time you got back?