Earn up to 5% AER on your cash!
Some of the best rates of interest you will get on cash currently are on current accounts. E.g Nationwide offer 5% AER fixed (4.89% gross pa) in credit interest on balances up to £2,500 for the first 12 months
You can also benefit from switching your account. A number of banks now offer switch incentives. HSBC are currently offering £150 if you switch your current account to them. The good news is that switching is a lot easier than it used to be – basically the new bank account provider will do all the work in setting up your direct debits and standing orders etc.
For students looking for a good account Santander UK are offering a free railcard for 4 years as long as you are 18 and are in or are about to enter into full time further education.
High Interest Current Account Offers
Current Account Offers With Switching Incentives
There are no tables for this criteria
Co-op Current Accounts
Founded in 1872, the Co-operative bank operates as an ethical financial services provider and refuses to make any investments that may be deemed morally questionable. As well as Co-op Current accounts, the company also offers customers a range of other products and services, such as mortgages, loans credit cards and offshore banking.
The standard Co-op current account comes with all of the features that may commonly be required who are searching for a suitable current account. This account includes:
- Free and secure online banking
- Access to 24 hour support from UK call centres
- A cheque book and debit card
- Standing order and direct debit facilities
- No monthly subscription charges (although customers may be subject to charges for going overdrawn)
- Access to exclusive mortgage offers from the Co-operative
You can consult for a list of similar current account deals from different providers.
There are also several other types of Co-op current account that are available to customers, here are some examples:
Current Account Plus
Through the use of a current account plus, customers can make use of a number of extra benefits, although certain eligibility criteria must first be met (Minimum monthly deposit of at least £800). Extra benefits include:
- Access to a linked savings account
- Overdraft facilities of up to £200 without any charges or fees
- No subscription charges
Privilege Current Accounts
With a privilege current account from the Co-op, customers receive all of the benefits of the standard current account deal, and will also receive:
- Worldwide family travel insurance
- Mobile phone insurance for loss, damage or theft
- Access to a privilege savings account
- Free legal advice from the Co-op legal services helpline
- 20% off Co-operative home insurance
What if there are any problems?
And the switching service is covered by a guarantee: the new bank must refund you if there are any charges because payments didn’t go through on time. But you have to ask them for this.
Can I keep my old current account open when I switch?
What about transferring “recurring payments”?
Because they’re linked to a card rather than directly to your bank account, they’re not included in the switching service (or covered by the guarantee).
It’s not always clear which are your continuous payment authorities: you won’t find them listed on your online banking portal. When you set them up you were asked for you card details (“please read me the long card number”) rather than your bank account and sort code numbers.
You’ll need to check your monthly card statements: any regular payments going out each month that are not marked as DD (direct debit) or SO (standing order) are likely to be continuous payment authorities.
If you want to keep paying for this service (or loan) in this way, you’ll need to contact each provider and tell them your new card details as soon as you have them.
This may sound like a lot of bother, but it is useful to check periodically what’s going out of your account regularly: there may be services you’re not using (such as fast delivery, or additional online data storage) that you want to cancel.
What about the individuals who have my bank account details, for sending occasional payments?
It’s probably not a good idea to just email all your Contacts with your new account details. If you’re concerned about email security, the most secure way of sending bank account details to specific people is via WhatsApp.
And if any payments are accidentally made to your old account, for 36 months (three years) after you’ve switched, your new bank or building society will arrange for any payments to be automatically redirected to your new account. They will also contact the sender and give them your new account details.
When should I choose to make the transfer?
If all your regular payments tend to go out of your account around the same time it’s best to choose a time of the month when your bank account isn’t so busy.
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