Switch Account

I WANT to switch accounts. It shouldn’t be difficult. In the past statistics showed we were more likely to switch citizenship than switch bank. But now people are ready to take their business elsewhere if they think they can get a better deal with a rival. Sign up to a new account and they will do all the legwork for the switch. They will transfer all your existing direct debits and standing orders for you so the transfer is as painless as possible. Many will also pay you between £10 and £50 if they make any mistakes. So don’t think switching is too much hassle. Take a look at the five point strategy on www.which.co.uk under Money that shows how to get the job done as efficiently as possible.

News

Bank accounts 'pay customers to switch'

More bank accounts are offering bonuses and incentives for those seeking to switch, according to a financial search engine.

Michelle Slade of Moneyfacts.co.uk said that the return of a £100 incentive for people who change their account to Halifax is "great news for consumers".

Those who choose to take advantage of the offer will also benefit from "one of the best paying" credit interest bank accounts available, she remarked.

Another provider of bank accounts which offers cash to customers is First Direct, which also promises £100, Moneyfacts data indicates.

However, there are other incentives for consumers available. Alliance & Leicester has a programme where customers can recommend a friend and receive up to £40, while Barclays advertises an interest-free overdraft for 120 days after signing up.

Ms Slade commented: "Current accounts are big business for the banks and this has been made clear by several banks who over the last six months have been offering deals to entice you to switch.

"Not only does it secure them your prime current account, more importantly, it offers the opportunity to cross sell their whole range of other products."

Moneyfacts also recently gave financial advice to new graduates, which included choosing the right bank accounts.

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