Best Current Account Switch

Switching your current account has never been easier and many banks are providing attractive incentives to lure in new customers.

Switching your current account can be carried out online in a simple and streamlined way which requires minimal effort on the customer’s part. The switching service will move all of your money, direct debts and standing orders over to your new account, usually within seven days.

There are many accounts on offer and finding the best one for you can be challenging, but higher rates of interest and cashback rewards are just two common incentives which can make it worth your time.

Which Current Account Should I Switch to?

Current Accounts Best for Interest

One of the best accounts for interest on lower amounts is the TSB Classic Plus Account. This account has one of the lowest minimum monthly pay-ins at £500 per month, so is well-suited to anyone who finds it difficult to meet the minimum payments of some other accounts.

They also offer one of the highest rates of interest on balances of up to £2,000. Interest is paid monthly and to earn it you simply pay in a minimum of £500 a month and register for Internet Banking, paperless statements and paperless correspondence.

Bonus:

• One of the biggest incentives on offer is the opportunity to earn 5% cashback a month on the first £100 of contactless payments. This includes Apple and Android Pay, up until 30 September 2017

Other accounts that offer great interest on lower amounts:

• Nationwide Flexplus account. This account currently offers the highest rate on the market, however, this is for one year at a fixed rate of 5% before falling to 1% in subsequent years

Currently, the account paying the highest amount of interest for larger deposits is the Santander 123. This is a great account for those with savings above £10,000. Although Santander are currently planning to cut the Santander 123 headline rate, it will still be a great option for bigger savers.

Bonus:

• You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them

Current Accounts Best for Switch Rewards

There are some great switch rewards on offer at the moment.

One example, the Halifax Current Account, has some great reward features including a £100 switch reward, paid in to your account before your switch is complete.

Bonus:

• If you’re able to pay £750 or more in to your account, pay out at least 2 different direct debits and stay in credit each month, you could earn £5 each month with their Reward Current Account

Combine this option with the Switch Reward and you could earn £160 in a year. This is one of the few accounts that pay both a switching bonus and an ongoing reward.

Some other accounts which also offer excellent Switch rewards include:

• First Direct, Co-operative and HSBC. These accounts are all offering £100 or more for switching

Current Accounts Best for Cashback

There are some great cashback accounts to switch to at the moment. The NatWest Reward Account is one of the best options as there are no monthly payments on this account making it very suitable for those who are unable to meet the high minimum payment requests of some other accounts.

There is, however, a charge per month of three pound. The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills.

As this account is a cheaper option than the Santander account, it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that.

Other accounts offering cashback deals:

• TSB are currently offering 5% of cashback on the first £100 of contactless purchases

This is a brief overview of some of the excellent current accounts on offer at the moment, but please use our website to find out further details on each of these accounts and more.