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.

Santander 123 Current Account

Earn 0.30% AER Fixed Interest for up to £20,000

  • 0.30% AER (variable) payable on your entire balance up to £20,000
  • Up to 3% cashback on household bills
  • Must pay a minimum of £500 into the account each month
  • Monthly fee of £4
  • Mobile app
Our view: With this current account you get 0.30% AER on the first £20,000 of your cash. To qualify you will need to pay in £500 pm (Equates to a £6,000 pa salary) . Additionally you can gain up to 3% cashback on household bills – 1% on water, council tax bills and Santander mortgage payments, 2% on gas and electricity bills, and 3% on mobile phone, home phone, broadband and paid-for TV packages.  The account has full savings FSCS protection. Santander 123 Account »
Offers

High Interest Current Account Offers

Account
HSBC Advance Bank Account
Special Offer
£110 + £30 Uber Eats voucher
For Switching
Interest Rate
1.00% AER/Gross on Regular Savings
Funding Required
£1,750 pm or £10,500 over 6 months to qualify
Account Fee
FREE

SPECIAL OFFER – Get £110 + £30 Uber Eats voucher or The Dining Out Gift Card  when you switch to an HSBC Advance Bank Account Offer ends 31st October 2021. Eligibility criteria, further offer and account T&Cs apply

Account
First Direct 1st Account
Special Offer
£100
For Switching
Funding Required
No monthly minimum
Interest Rate
1.00% AER/Gross on Regular Savings
Account Fee
FREE

SPECIAL OFFER – Get £100  when you switch to a First Direct 1st Account

Account
Santander 1|2|3 Current Account
Special Offer
£130 cashback
when you switch
Interest Rate
0.30% AER fixed on balances up to £20,000
Funding Required
£500 per month
Account Fee
£4 pm

SPECIAL OFFER – £130 cashback when you switch to a Santander 1|2|3 Current Account. T&Cs apply

Current Account Offers With Switching Incentives

Account
NatWest Select Current Account
Special Offer
£100 to switch
and another £50 to stay
Funding Required
No minimum
Overdraft
Arranged Overdraft Available
Account fee
No fee

SPECIAL OFFER – You can get an initial £100 to switch to NatWest and another £50 if you stay with them

Account
NatWest Reward Current Account
Special Offer
£100 to switch
and another £50 to stay
Funding Required
£1,250 per month
Details
Up to £4 back in Rewards a month and at least 1% back on partner retailers*
Account fee
£2 per month

SPECIAL OFFER – You can get an initial £100 to switch to NatWest and another £50 if you stay with them

Account
Santander Everyday Current Account
Special Offer
£130 cashback
when you switch
Special Features
Earn up to 15% cashback with Retailer Offers. Just switch on, choose your offers and shop with any of your Santander cards
Account Fee
No fee

SPECIAL OFFER – £130 when you switch to Santander Everyday Current Account. T&Cs apply

Account
First Direct 1st Account
Special Offer
£100
For Switching
Funding Required
No monthly minimum
Interest Rate
1.00% AER/Gross on Regular Savings
Account Fee
FREE

SPECIAL OFFER – Get £100  when you switch to a First Direct 1st Account

Account
HSBC Advance Bank Account
Special Offer
£110 + £30 Uber Eats voucher
For Switching
Interest Rate
1.00% AER/Gross on Regular Savings
Funding Required
£1,750 pm or £10,500 over 6 months to qualify
Account Fee
FREE

SPECIAL OFFER – Get £110 + £30 Uber Eats voucher or The Dining Out Gift Card  when you switch to an HSBC Advance Bank Account Offer ends 31st October 2021. Eligibility criteria, further offer and account T&Cs apply

Account
Santander 1|2|3 Current Account
Special Offer
£130 cashback
when you switch
Interest Rate
0.30% AER fixed on balances up to £20,000
Funding Required
£500 per month
Account Fee
£4 pm

SPECIAL OFFER – £130 cashback when you switch to a Santander 1|2|3 Current Account. T&Cs apply

Account
Santander 1|2|3 Lite Current Account
Special Offer
£130 cashback
when you switch
Funding Required
£500 per month
Details
Up to 3% cashback on selected household bills and up to 15% cashback with Retailer Offers
Account fee
£2 per month

SPECIAL OFFER – £130 cashback when you switch to a Santander 1|2|3 Lite Current Account. T&Cs apply

HSBC Bank Account Plus

HSBC Advance Plus comes with a great range of benefits in exchange for a small monthly fee.

Other benefits of the HSBC Advance Plus include:

  • Worldwide travel insurance for the whole family
  • Life cover with £3000 benefit
  • Roadside breakdown assistance
  • ID theft assistance and Personal safety assistance with red24
  • Life cover with £3000 benefit
Your new bank is responsible for contacting you before the switch date if there are any hitches with transferring your standing orders and direct debits – and incoming payments.

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.

Yes – you can use the partial switch service and keep your old account open, transferring all or some of your payments. But the process isn’t covered by the service guarantee so it can take longer: possibly up to 20 working days. And there isn’t an automatic-redirect for the three years after you switch. A partial switch may not qualify for the incentives offered for switching (though that shouldn’t be the only reason why you change accounts).

Not all your regular bill payments may be made by direct debits or standing orders. Some service providers (such as telecoms services, online subscriptions, gym membership and payday loans) get you to set up a “recurring payment” or “continuous payment authority” which is linked to your debit or credit card

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.

If you can remember the family members or friends who occasionally transfer money directly to your bank, you can send them your new account details and ask them to set them you up as a new Payee.

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.

You can pick any convenient day in the month, so long as it’s more than a week away, and not a weekend or a bank holiday.

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.

No Credit Check Prepaid Card

Santander 123 Current Account

Earn 0.30% AER Fixed Interest for up to £20,000

  • 0.30% AER (variable) payable on your entire balance up to £20,000
  • Up to 3% cashback on household bills
  • Must pay a minimum of £500 into the account each month
  • Monthly fee of £4
  • Mobile app
Our view: With this current account you get 0.30% AER on the first £20,000 of your cash. To qualify you will need to pay in £500 pm (Equates to a £6,000 pa salary) . Additionally you can gain up to 3% cashback on household bills – 1% on water, council tax bills and Santander mortgage payments, 2% on gas and electricity bills, and 3% on mobile phone, home phone, broadband and paid-for TV packages.  The account has full savings FSCS protection. Santander 123 Account »
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Offers