This comparison simply includes all savings accounts.
Which Current Accounts Pay You to Switch?
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
When you switch bank accounts, it’s usually to get a better deal somewhere else. But, did you know that some current accounts will pay you to make the switch?
Yeah, there are some providers that want you to switch and they’ll pay you to do so. Now, we’ve got a table down below that tells you all about which providers will do this, but let’s also take a look at what switch incentives are on offer.
The first company that we’ll be checking out here is HSBC Advance. The switching offer here is pretty straightforward - they’ll give you £125 for making a transition.
Pretty cool, right? If you want to make the switch, here’s what you’ve got to do. First of all, you open a new account with HSBC Advance. Second of all, you use the Current Account Switch Service within 30 days to get your £125 put into your new account. Take a look at the terms and conditions, but that’s the gist of it.
Another provider that gives you a reward for taking the time to switch is First Direct. If you’ve never been with them before, then they’ll give you £100.
Interested? Okay, here’s what you’ll need to do. You need to open a 1st account with the company, use the Current Account Switch Service to get yourself set up with everyday banking, and then deposit at least £1000 in the first three months of owning the account. Just remember that this is only for new customers - returning users won’t get the bonus!
Another bank which has gotten on board the switch incentive train is Nationwide. They have a lot of helpful benefits for anyone who wants to switch. They’ll also provide £100 for anyone who switches and follows their terms and conditions, but there’s also odd freebies like cinema tickets, deals and promotions if you use the Current Account Switch Service. For a bit more info, check the table.
Now see, Starling offers a slightly different way to make money through switching, but you could also get some big cash incentives depending on the situation. Here’s the deal. If you switch from RBS or NatWest to Starling, then you might be eligible for up to 3.5% of the value of your loan balance, in cash. But, you can only get this if you switch both your loan and current account.
So, when it comes to banks and switching incentives, it’s usually a financial reward. However, the Current Account Switch Service, used by a lot of banks, offers things like cinema tickets and cool freebies to balance out the cash prize. Switching your current account can seem like a challenge, and finding a new bank or building society takes time. But, it is worth it in the long run, especially if you pay attention to all the switch incentives. Remember to close your old account at the end though, or you might run into some problems!