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Join the switching current account revolution

Join the switching current account revolution

Category: Banking

Updated: 04/04/2011
First Published: 10/08/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Metro Bank might have recently become the first new bank to grace our high street in one hundred years, but is there any substance behind their swaggering entrance?A promise to revolutionise the banking industry in Britain is a bold one.

It is open seven days a week, from 8am through to 8pm on week days, as it strives to deliver to customers an unparalleled level of service and convenience.

It also says that people will be able to open a full current account with debit and credit cards in just 15 minutes.

Yet, at present, it has just the one 'store' (not branch) in Holborn, which means that in order to partake in the revolution, you will more than likely need to live in London.

Fortunately for those people who live outside the capital, there are still some terrific current accounts available from some of the banking 'old guard'.

If you can afford to pay at least £1,000 per month into the Halifax Reward Current Account, you will be rewarded with £6.25 per month.

There's no interest rate as such, but the overall sum of £75 per year will be paid whether the account is in credit or overdrawn, as long as the minimum contribution is met.

Switch your main current account to Santander and pay in at least £1,000 a month and the Spanish banking giant will give you £100, as well as 5% AER (fixed) for 12 months on the first £2,500 of your balance.

For the same monthly contribution again of £1,000, the Lloyds TSB Classic Plus account pays 2.47% gross, one of the highest interest rates around for an online current account.

If the contribution limits required to get the best rates on these deals is too steep, then the Nationwide FlexAccount might be the one for you.

Complete the quick and easy online account transfer and there awaits a three month interest free overdraft, along with free European multi-trip travel cover.

Or if you'd prefer a bank account with fewer frills, then there are still plenty of options available.

Barclays Basic Bank Account is a straightforward account with no monthly account fee which can be managed online, by phone or in branch.

Alternatively, the HSBC Basic Bank Account is ideal for those who are 18 and over but will only make a few basic transactions per month.

Finally, the Cooperative Bank Cashminder Basic Bank Account can be opened with as little as £1 and has no monthly subscription charge.

You might think switching current accounts will be a long and laborious task, but this couldn't be further from the truth.

Your newly chosen current account provider will contact your old one for a list of your direct debits and standing orders, before asking you to confirm which ones you want to move.

Letting your employer, pension provider and anyone else who pays money into your old current account your new current account details will be about as far as your responsibilities have to go.

The transfer should take no longer than four weeks to complete, while you'll even be reimbursed if you end up out of pocket should anything go wrong.

Start your search for the best current account for you – compare current accounts

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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