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Vicky Parry

February 21, 2024

Reading time: 3 protocol

If you've been thinking about switching bank accounts, it's relatively easy to do and you might be interested to know that there are currently six banks offering you £175 cash for switching to their services. Also note that some accounts pay savings interest or offer you cashback on bills.

Here is a short list of which bank offers which service (as of publication date):

Cash offers upon registration

First direct: £175 for the change, plus TOP service

SAntander: Free £175 plus 1% to 3% cashback on bills (ends this Thursday)

NatWest/RBS: Free £175 plus £3/month cashback

Nationwide: £100 free cash for new customers

ForGin money: 25% cashback on supermarket/fuel spend (max £160)

Longer term rewards

Santander 123 Lite: 1% to 3% bill cashback

Chase: 1% cashback, 1.5% interest plus no fees abroad

Plus, here's our detailed roundup of our best easy-to-access savings accounts for this fall.

saver (interest bearing)

Virgo: 2.02% on £1,000 plus 1.71% on £25,000

Chase: 1.5% on up to £250,000

Nationwide: 5% off £1,500, for ONE Year

Change bank account

If you are overdrawn

Most major banks charge around 40% interest on overdrafts, although some offer 0% overdraft interest. So if you're in the red, keep in mind that you can still switch if you're overdrawn BUT this will depend on your proposed new provider lending process. They may choose not to offer you an overdraft or offer you a lower overdraft limit. However, many banks have eligibility checkers to determine whether you are likely to get the overdraft before you try.

These three banks offer:

First Direct: £250 0% overdraft

Nationwide: 12 month 0% overdraft

Star: Low overdraft interest

Insurance

Nationwide: £500/year insurance at £156 per person.A.

Applying for the current account switching service (CASS) takes seven working days: you simply open a new account with the bank of your choice, then apply for a switch and, provided both banks are registered with CASS, the switching service will close your old account and transfer your money Money, direct debits and standing orders

In addition, payments due on your old account will be processed by automatically forwarding them to the new account for at least three years. It also guarantees a refund of any fees wrongly incurred as a result of this process.

RECURRING PAYMENTS

Also known as Continuous Payment Authorities, these are set up using your debit or credit card details, not your account number and routing number: things you have set up, such as: B. Customer cards or membership fees. So if you switch, be sure to pass on your new card details to any companies that withdraw money from your card this way.

Active direct debits

An active direct debit is a direct debit that has been paid out in the last 13 months or is less than 13 months old. Old direct debits can remain active even if you don't pay them off each month in case they are needed again, or if they have been set up for annual payments. After 13 months, your bank may remove it from your account or mark it as inactive.

YOUR OLD ACCOUNT

You'll need to close your old account if you switch via CASS (the norm if you want incentives for switching). Your new bank will automatically take care of all payments such as direct debits or your salary.

ISAs and credit cards

Moving your checking account will not affect these types of payments because they are separate from your account. If you set up a direct debit for this, it will automatically be transferred to your new bank account.

SAVINGS ACCOUNTS

There is currently no savings account switching service, but you can make the switch yourself by opening the new savings account and transferring your money.

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