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Trading Lessons

The Battle for the UK Current Bank Account Switcher

Portfolio / UK Banking Jan 17, 2012 - 11:42 AM GMT

By: MoneyFacts

Portfolio

Moneyfacts research has shown that there has been an increasing amount of switcher incentives introduced in the last few weeks.

High street lenders including Halifax, HSBC and Santander have all launched deals to attract new customers, offering a cash payment or interest-free overdrafts.


In light of this customers need to be aware of the current switching deals on offer when assessing whether to move their main current account as well as all other features to decide if it is suitable.

This table shows the current switcher incentives on offer from some of the main lenders.

Lender

Account

Switcher cash payment

Switcher interest free authorised overdraft

Switcher AER credit interest

Barclays Bank

Bank Account

-

0% for 12 months

-

first direct

1st Account

£100 paid in 3 months

-

-

Halifax

Reward Current Account

£100

Interest and fee free for 120 days

-

HSBC

Bank Account

£10 if any direct debit missed

0% for 12 months

6% for 12 months

Nationwide Building Society

FlexAccount

£100*

0% for 3 months

-

Santander

Preferred Current Account

Up to £300

Interest and fee free for 12 months

5% for 12 months

The Co-operative Bank

Current Account

-

0% from January to April 2012

-

*Payable if all Direct Debit companies not contacted within 10 working days.

Rachel Springall, spokesperson for Moneyfacts.co.uk, said:

“While it’s good to see lenders offering customers some exciting incentives, customers looking to move their main account have to assess all the areas to decide if it’s appropriate for them.

“When choosing a current account, customers need to decide its main purpose, whether it is for earning interest, an overdraft they can dip into at a low cost as well as considering the incentive package.

“Those already looking to move their current account could also be rewarded with a cash injection.

“Switcher offers tend not to stay around for long, so customers need to consider whether it’s a good time to move and if so, act quickly.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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