Latest Savings Commentary

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Oliver Roylance-Smith / 15 May 2012

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7% potential annual income, capital protected

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Oliver Roylance-Smith / 01 May 2012

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Switch Current Accounts

Switch and get a better deal

If you are looking to switch your current account its never been easier. The internet has vastly improved the switching process with a record number of consumers taking advantage of the speed and simplicity of changing current account providers.

As of September 2013, banks and building societies will be able to provide a switching service that takes place within seven days. This short period of time means that you will be able to make the most out of the deals on offer and receive the highest standard of service.

See below for a selection of leading current account deals:

Latest Current Account Deals

	Account	Interest (AER)	Overdraft Rate	Funding Required*	Fee pm	Features	Apply
Santander	Santander 123 Current Account	Up to 3%	0.0%	£500 pm	£2	Earn cashback on household bills. 3% AER on balances over £3000	More Info >
Representative Example: If you use an overdraft limit of £1,200 a 0% EAR (variable) charge will apply for first 4 months, £1 per day capped at 20 days each monthly statement period applies thereafter.
Halifax	Rewards Current Account	0.00%	Daily fees on agreed overdrafts	£0.00	Nil	£5 cashback every month you deposit £1,000.	More Info >
Barclays	Barclays Bank Account	0.0%	19.30%	£0.00	Nil	Telephone and Online Banking - Simply, free and easy to use	More Info >
Representative Example: Up to £5,000, 19.3% interest p.a. (variable). Subject to status and application.
Barclays	Barclays Current Account Plus	0.0%	18.30%	£300.00	£5pm	Benefits include mobile phone insurance, cardholder protection and much more for £6.50 per month.	More Info >
Representative Example: Up to £300, 0% interest p.a. (variable). £301-£5,000, 18.3% interest p.a. (variable). Subject to status and application.
Barclays	Barclays Additions Active	0.0%	18.30%	£300.00	£15	Benefits include Travel Insurance, mobile phone insurance, breakdown cover and much more for £15 per month.	More Info >
Representative Example: Up to £300, 0% interest p.a. (variable). £301-£5,000, 18.3% interest p.a. (variable). Subject to status and application.
HSBC	HSBC Current Account	0.0%	19.90 %	£500	Nil	Overdraft, award-winning online banking, access to 4% savings account	More Info >
Representative example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.9% EAR (variable).
NatWest	Select Account	0%	19.89%	£0.00	Nil	A flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only.	More Info >
Representative example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.89% EAR (variable).
NatWest	Advantage Gold	0.0%	19.49%	£100.00	£12.95	For the third year running, the independent financial research company Defaqto gave Advantage Gold their 5 Star rating for product features, benefits and charges (February 2011).	More Info >
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.49% EAR (variable).
RBS	Royalties Gold	£0.00	19.24%	£100.00	£12.95	Mobile phone insurance - includes iPhones; Green Flag car breakdown cover - even on your driveway; Annual world wide travel insurance - includes winter sports.	More Info >
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.24% EAR (variable).
RBS	Select Current Account	0%	19.89%	£0.00	Nil	A flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only.	More Info >
Representative example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.89% EAR (variable).
Nationwide	Nationwide Flex Account	0%	18.9%	£700 per month	Nil	Preferential rates on savings and loans. Free European travel insurance, discounts on home insurance. No monthly fee. (Pay in a minimum of £750 per month to get the benefits.)	More Info >
Representative Example: 18.9% EAR variable is charged on all overdrawn balances.

*Some current accounts require customers to pay in a minimum amount each month.

**See Terms and Conditions

Customer service is after all, the main reason that customers choose to switch current account in the first place. While banks should provide a friendly effective and professional service and if they fail to do this, there are many other reasons for choosing to opt for a different bank.

You may be able to secure certain kinds of incentives for switching such as cash back incentives and introductory low interest rates, or you may be able to simply get a better deal elsewhere.

If you are unsure of what different banks and building societies are offering, you should certainly take a look at our comprehensive comparison tables to get a clear idea of the various current accounts and the benefits you may experience in deciding to switch current accounts.