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Top 6 bank accounts for switching

Top 6 bank accounts for switching

Category: Banking

Updated: 24/09/2013
First Published: 24/09/2013

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 It is now over 6 months old so the content may be out of date.

Switching bank accounts has never been easier or faster thanks to the new Current Account Switch Service. This free scheme means the once-daunting task of changing bank accounts will now be completed in seven working days or less.

So now there's no excuse to stay with your current banking provider if you're fed up with their service or unhappy with the high fees and charges.

Below we've listed a selection of the top bank accounts currently available. All listed providers are Switch Service Guarantee members. This means if you switch to them the process will be completed in seven days or less.

Check out our infographic on switching current accounts to find out more

Here are the Top 6 bank accounts for switching:


Top features
Further details

Halifax
Halifax
Reward Current Account - Funded

  • £100 paid to customers for switching
  • £5 per month paid into account if balance remains in credit
  • Introductory 0% interest on authorised overdrafts for 6 months
  • Must pay in regular income of at least £750 per month
  • No account fee
  • Once introductory 0% overdraft ends, customers will be charged up to £3 per day

Penny saysPenny says…
"Halifax's stellar current account pays customers £100 for switching, and will also pay £5 into the account every month if account holders remain in credit.

"Customers must remember that once the introductory term is over, they'll be charged a daily fee of up to £3 for authorised overdrafts or up to £5 per day for unauthorised."


Top features
Further details

Nationwide Building Society
Nationwide Building Society
FlexDirect - Funded

  • 5% interest paid on balances up to £2,500 for first 12 months
  • Introductory 0% interest on authorised overdrafts for 12 months
  • Must pay in regular income of at least £1,000 per month
  • No account fee

Penny says…
"Nationwide's FlexDirect bank account pays a highly competitive 5% gross interest on account balances up to £2,500 – a higher rate than many chart-topping savings accounts!

"Customers will also benefit from an introductory 0% interest on authorised overdrafts for the first 12 months."


Top features
Further details

Santander
Santander
123 Current Account

  • 3% interest on balances between £3,000 and £20,000
  • Cashback offers: 1% on water & council tax bills and Santander mortgage payments up to a maximum £1,000 per month, 2% on gas & electricity bills, 3% on communication bills.
  • Must pay in regular income of at least £500 per month
  • £2 pm account fee
  • Overdraft usage fee £1 per day up to £20 per month
  • 1% interest paid on balances between £1,000 and £1,999.99; and 2% paid between £2,000 and £2,999.99

Penny says…
"Paying 3% interest on balances between £3,000 and £20,000, Santander's 123 Current Account is perfect for higher earners. Customers will also benefit from generous cashback on all household bills.

"Account holders must take note that this account charges a £2 monthly fee."


Top features
Further details

Nationwide Building Society
Nationwide Building Society
FlexPlus

  • 3% interest paid on balances up to £2,500 for first 12 months
  • Worldwide mobile phone and travel insurance for the whole family
  • UK and European breakdown cover
  • £10 pm account fee
  • Introductory 0% interest on authorised overdrafts for 3 months

Penny says…
"This packaged account includes worldwide mobile phone and travel insurance for the whole family as well as UK and European breakdown cover, all for a monthly fee of £10.

"Account holders will also benefit from the 3% interest being paid on balances up to £2,500."


Top features
Further details

Halifax
Halifax

Ultimate Reward
Current Account - Funded

  • £100 paid to customers for switching
  • Worldwide mobile phone insurance for one handset
  • Worldwide travel insurance for the whole family
  • UK breakdown cover
  • Introductory 0% interest on authorised overdrafts for 6 months
  • £15 pm account fee
  • Must pay in regular income of at least £750 per month
  • Once introductory 0% overdraft ends, customers will be charged up to £3 per day

Penny says…
"This bank account from Halifax also includes worldwide mobile phone and travel insurance as well as UK breakdown cover.

"Although account holders will be charged a £15 monthly fee, the £100 cashback incentive for switching to Halifax definitely makes this account value for money ."


Top features
Further details

first direct
first direct
1st Account -
without First Directory

  • £125 paid to customers for switching
  • Additional £100 paid to customer if account closed within 12 months on condition that at least £1,000 has been paid into account for six months.
  • Must pay in regular income of at least £1,000 per month
  • No account fee
  • Authorised overdraft: 15.90% EAR, no fee

Penny says…
"First direct pays customers a market-leading £125 for switching to its bank account.

"First direct says it's so confident customers will be so happy with its service that they'll never want to leave. It's backing this claim up by offering £100 if customers close their account within the first 12 months as long as certain conditions are met."

Information & Rates correct as at: 24/09/2013

What next?

Find the best bank account for you using our whole of market search

How to switch current accounts

Current account switching - who's participating?

Infographic - Switch your current account in 7 days

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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