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
T&Cs apply
AER fixed on balanced up to £1,500
Current Account Offers With Switching Incentives
T&Cs apply
Santander Current Accounts
There are several different types of Santander current accounts that are currently being offered to customers, the following is a brief explanation of each type of account:
123 Current Account
Using this type of account, customers may be provided with 3% fixed AER interest on balances of up to £20,000 for up to 12 months, as long as a minimum of £3000 is paid into the account every month. Customers who switch to their account to Santander may also be given monthly cashback on a range of household bills.
Everyday Current Account
A simple no thrills bank account for every day banking.
Choice Current Account
For a £10 monthly fee the Choice Account makes sure you are not charged for any unarranged overdraft fees.
There are a variety of different account types available, not just from Santander but also from many other competing providers. To find a current account that is best suited to their individual requirements, customers are advised to shop around for comparisons on all the current account deals that are available. With over 25 million customers in the UK alone, Santander are one of the largest providers of mortgages, loans and other financial products in the UK. Some of the benefits of Santander current accounts include:
- Cashback offers for Santander 123 Current Accounts customers
- Easy access using internet and telephone banking
- Overdraft matching services for new customers
- Free arranged overdrafts for 12 month
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.
No Credit Check Prepaid Card
