Compare  Switching Current Accounts

Switch incentives are offered to those who move their balance from one bank to another, and are often worthwhile as you won’t have to do much other than switch from one current account to another.

What is a switch incentive?

A switch incentive is simply a reward for switching current accounts from one bank or building society to another. It is often a cash reward that you will receive as soon as your current account balance is transferred, and is a one-time only offer with your new current bank or building society.

With the current account switching service (CASS) introduced in 2013, you are also able to make the switch in a guaranteed 7 working days. This means that it is even easier to switch current accounts, with a guaranteed cash reward at the end.

What is the best current account to switch to?

The choice is completely up to you, though there are a few things that might sway your decision. The only stipulation is that it is with a different provider than you’re currently with.

Usually the best way to choose your new account is compare how much the new provider is willing to give you as a cash reward for switching. The larger the amount, the better for you.

You might also be swayed by certain perks that come as standard with a new packaged current account. These might include:

• A better overdraft – your new current account might come with a larger arranged overdraft or even offer a free overdraft facility for a certain amount of time
• Cashback – you might receive cashback on your purchases for a short period of time
• Insurance – some packaged current accounts will come with free travel insurance, mobile phone insurance, home insurance or all of the above
• Reward vouchers – depending on your choice of provider, you might receive reward vouchers from a popular retail store such as M&S, Tesco or Sainsbury’s
• Access to other accounts – switching to your new provider could grant you access to further accounts with your new provider such as a savings account

Am I eligible to switch current accounts?

There isn’t anything standing in the way of you switching to a new provider, other than if you’re trying to switch to an account with the same provider.

Switching current accounts will also require you to have paid off any outstanding debt with your old provider. This normally includes an outstanding overdraft facility that you will need to pay off prior to any switch occurring.

Your new current account provider might also stipulate that you have a certain number of active direct debits, so you’ll need to make sure you meet this criteria before you switch accounts.