Banks and building societies are ultra eager to win new business from their rivals and are prepared to pay handsome rewards to achieve their goal.
Moving from one bank to another used to be a real chore, but now thanks to the Current Account Switching Service (CASS), it’s now a vastly improved, ‘no hassle’ service.
CASS is now in it’s 10th year and in that time has helped more than 9 million people move their bank account.
Basically you select your new bank and give them the date you wish the switch to be made, and they manage the rest – including rerouting payments to your new account.
The process is very straightforward – CASS even provides a simple four step guide to help ensure it’s a low stress move.
Switching Offers Currently Available (4th October 2023)
Nationwide Building Society – switch incentive £200
With Nationwide you’ll also have the option to open a regular saver account paying a market leading 8%, plus you’ll earn 5% on the first £1,500 of your credit balance in the first year, as long as you pay in at least £1,000 per month – more details here
Lloyds Bank (Club Lloyds Account) – switch incentive £175
This deal is due to end on 14th November but similar to Nationwide, there’s an option to open a linked regular saver – this one pays 6.25% and you can save up to £400 per month. Note that the Club Lloyds account charges a £3 monthly fee unless you pay in a minimum of £2,000 per month – more details here
First Direct – switch incentive £175
First Direct has an excellent reputation for customer service spanning many years, so If you’re fed up with your existing bank not being up to scratch then this could be worth a look. First Direct offers a regular saver account paying 7% plus the first £250 of any overdraft is interest free. – more info here
TSB – switch incentive £150 up front rising to £210 if you stay and spend
Switch to a Spend and Save deal with TSB and you’ll get £150 for the initial switch, plus £10 cashback each month you spend on the debit card at least 20 times for the first six months. You’ll need to act fast to take advantage of this deal though, as it’s due to expire on 31st October – find out more
