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Why it makes sense to switch your current account

Top tip | Published: 25 January 2012 0 comments

by Naomi Caine

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The average person in the UK has stuck with their bank account for more than 20 years – that’s a lot longer than many people stick with their husbands. So why are we so reluctant to change?

We often whine about customer service and whinge about high charges yet we refuse to switch to a better deal. It doesn’t make sense, especially when a number of banks are offering juicy bribes to win our custom.

HSBC, for example, will pay switchers credit interest of 6% for 12 months on balances of up to £2500 in its Bank Account. If you manage to maintain the maximum credit balance for a year, you would earn interest of £150 – and that’s not bad.

Of course, we don’t all manage to stay in credit. But the bank is also offering a good deal on overdrafts at 0% for 12 months up to £5000, depending on your credit rating. The account requires a minimum monthly deposit of £500. But hurry, because the offer runs out at the end of the month.

Or there’s Santander’s Preferred Current account. The Spanish bank will pay switchers £100 in cash, or £200 if you have a mortgage with Santander. Anyone who has a mortgage and £10,000 in savings with the bank gets £300. Plus, there’s credit interest of 5% for a year on balances of up to £2500 and a free overdraft for 12 months. Customers must pay at least £1000 into the account each month.

You might want to switch again after a year, when the credit interest rates on the accounts fall and the overdraft rates rise. But why not take advantage of these offers now, and pocket some extra cash?

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