If you are thinking of switching bank accounts, it is easy and there are six banks that will give you PS175 cash to switch to their services. It’s important to note that not all accounts offer cashback or savings interest.
Here is a quick listing of which banks offer which service (at the time of publication)
Cash offers Sign up
Cash offers for sign-up
First Direct: PS175 to Switch, plus TOP Service
Santander: Get a free PS175 and 1% to 33% cashback on your bills (ends Thurs).
NatWest/RBS: Free PS175 plus PS3/month cashback
PS100 cash free for all new customers
Virgin Money: 25% Cashback on Fuel and Supermarket Purchases (max PS160).
Santander 123Lite: 1% to 33% cashback on bills
Chase: 1.5% interest and a 1% cashback on all purchases
You can also find our detailed roundup of the best easy-access savings accounts for Autumn here.
Virgin: 2.02% on PS1000 plus 1.71% on PS25,000
Chase: 1.5% off up to PS250,000
Nationwide: 5% off PS1,500 for one year
Transferring bank accounts
If you’re overdrawn
Overdrafts are typically charged at 40% by most banks, but there are some that offer 0%. However, this will depend on the lending process of your new provider. You may not be offered an overdraft or they could limit your overdraft. Many banks offer eligibility checks to help you determine if you are eligible to receive an overdraft.
These banks offer:
First Direct: PS250 0% overdraft
Nationwide: 12-month 0% overdraft
Starling: Low Overdraft Rates
Nationwide: PS500+/year Insurance for PS156 p.a.
The Current Account Switch Service takes seven days to apply for. You just need to open a new bank account, request a switch and if both banks are registered to CASS, the switching process will close your existing account and transfer your money and direct debits across.
It will also automatically redirect payments from your old account into the new account, and it will handle any outstanding payments for at least three consecutive years. It will also refund any fees that were incorrectly accrued.
These are also known as Continuous Payment Authorities. They can be set up using your debit card or credit card details. If you decide to switch cards, be sure to provide your new card information to all companies that make money with your card.
CTIVE DIRECT DEBITS
A direct debit that is active is one that has been paid in the past 13 months, or is less than thirteen months old. Even if they aren’t being paid out every month, old direct debits can still be active in case they need to be. Your bank might remove them from your account or mark them inactive after 13 months.
YOUR OLD ACCOUNT
If you choose to switch via CASS, you will need to close your old account. All payments, such as direct debits and salary, will be transferred to your new bank automatically.
ISAs and credit cards
These types of payments won’t be affected by moving your current account. However, if you set up direct debits for them, they will automatically move to your new account.
Savings accounts are not currently available for switching, but you can open a new savings account and transfer your money.
Switching Bank Accounts MoneyMagpie will make PS175 possible