Best Current Account switching offers & incentives
From 16th September 2013 consumers have been able to switch current account within 7 workings days.
Previously switching current accounts was seen as a nightmare, taking up to 30 days to complete, plus there was little incentive to do so. It is perhaps unsurprising that consumers have typically only switched their bank once every 16 years. Yet banks are the number one source of complaints to the Financial Ombudsman.
Switching bank accounts has just got a whole lot easier thanks to the new Current Account Switch Service being brought in by regulators in bid to boost competitiveness within the banking sector. Plus there are now genuine incentives to change your bank or building society.
Switching current accounts is now quick and easy
Under the new Current Account Switch Service consumers will be able to choose the date on which they want to transfer their current account and the whole process will not take more than 7 working days.
Direct debits and standing orders will also be automatically transferred across to your new account as will any payments sent to the old account (for a period of 13 months).
Banks and building societies are offering some fantastic offers to tempt customers away from rival banks. Below is a round up of the best offers out there at the moment, which I update continually, as well as the things to look out for when switching accounts.
|Institution||Incentive to switch||Min monthly paid in||FSCS protection|
|First Direct||£100 cash and another £100 if you leave after 6 months but before 12 months||£1,000 a month||Full £85,000 UK protection, shared licence with HSBC|
|Halifax||£100 cash||£750 a month||Full £85,000 UK protection, shared licence with Bank of Scotland, Birmingham Midshires, Capital Bank, Intelligent Finance, St James’s Place Bank|
|M&S||£100 gift card||n/a||Full £85,000 UK protection, own licence|
|Co-op||£150 cash||£800 in first month||Full £85,000 UK protection, own licence|
|HSBC||£200 (£150 upfront & £50 in a year). Even if you have an existing First Direct account.||£1,750 a month||Full £85,000 UK protection, shared licence with First Direct|
With the HSB
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