If you're not happy with the service you receive from your bank, or your loyalty isn't rewarded, then why stay with them? A year ago, I decided to switch to First Direct because they were offering a £125 incentive – brilliant. Three months after opening the account (and having my salary paid into it and two direct debits coming out of it), £125 landed in my account. Effectively, for doing nothing. The switching process is simple, and should anything go wrong, the banks are required to pay any fees and make corrections.
There are great offers around – most of them require you to have a certain amount paid into the account monthly, as well as switching over a few direct debits – this was fine for me. I get my salary paid into my First Direct account, have my phone bill and regular savings come out of it via direct debit and standing order, then I have a standing order to send the rest to my other accounts (I have a lot of accounts!) including our joint account.
At the moment, we are eyeing up the Santander 123 current account, which gives you cash back on bills (including a mortgage!) and some other purchases. It does cost £2 a month but hopefully we would be making more back in cash back.
Below is a great selection of bank accounts to choose from – in no particular order.
- First Direct – £100 for switching. Must have a monthly income of £1,000 paid into the account (or put £1 into one of their e-savings accounts).
- Santander 123 current account – costs £2 a month, but you get up to 3% cash back on bills
- The Co-op bank gives you £100 and £25 to charity, but you must pay in £800 per month.
- Halifax offer you £100 to switch and £5 a month as a reward. You must pay in £750 per month and close your old account.
You can also earn £250 for a switch!
Have you switched recently in order to get an incentive? How'd it go?