Switch Bank Account Offers 2023
Switching bank accounts can initially seem daunting, but it is worth considering, as many banks offer attractive offers & incentives to get your business.
With so many banks offering incentives to new customers, you should explore options to take advantage of these offers.
You will find everything you’ll need to know about switching bank account offers in this guide to make an informed decision.
Switch Bank Offers 2023 |
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 | Get £175 when you Switch to First Direct Incentives: Get access to 7% AER/gross fixed for 12 months Regular Saver Account when you save between £25 and £300 pm. | Go to website » |
OFFER: Switch your current account to First Direct & you could earn £175. You will need to transfer in at least £1000 within 3 months of opening account to qualify (T&Cs Apply. |
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What are switch bank account offers?
Switch bank account offers are promotions that banks offer to new customers who switch their current accounts to them.
You may be able to get cashback (currently, £200 is on offer from NatWest & RBS), interest-free overdrafts, or higher interest rates with these offers.
Banks are increasingly waged in a war to offer incentives to entice new customers to switch and to stand out in a competitive UK current account market.
Why should you switch bank accounts?
Switching bank accounts can be beneficial for several reasons. Switching to a bank that offers these services for free can save you money if you’re currently paying fees for your account or specific services.
Furthermore, if you’re in debt and paying high interest on your overdraft, switching to a bank with a low-interest overdraft could help you reduce your debt.
Additionally, switching to a bank that offers higher interest rates on savings accounts can help you earn more interest on your savings, e.g. NatWest & RBS offer 6.17% AER if you save between £1 to £150 pm, which in the current market is very attractive.
What are the requirements for switching bank account offers?
Most switch bank account offers require you to complete a few steps to qualify. You’ll have to open a new account and transfer your direct debits and standing orders. Additionally, some banks require you to pay a set monthly amount to qualify for the offer. Make sure you read the offer’s terms and conditions carefully to ensure you qualify.
How to choose the best switch bank account offer?
When choosing the best switch bank account offer, it’s essential to consider your individual financial needs. Look for a bank that offers incentives that align with your financial goals, such as cashback or 0% interest on overdrafts. Additionally, check the bank’s fees to ensure you’re not paying more in the long run. Consider the bank’s reputation, customer service, and online banking options.
Top switch bank account offers in 2023
- NatWest – New customers can earn a £200 cashback bonus when you switch to the NatWest Select Bank Account (no monthly fees), their Reward Bank Account (£2 pm) or Premier Accounts (Criteria applies).
- RBS – Switch your current account to the Royal Bank of Scotland, and receive a £200 cash bonus. You can choose a range of accounts, including the Everyday bank account, the Reward account and Premier accounts.
- First Direct – New customers can receive a £175 cash bonus when you switch to the 1st Account. The bank also offers a market-leading interest rate of 7% AER (fixed for 12 months) for savings if you pay in between £25 and £300 per month.
Will switching bank accounts affect my credit score?
Your credit score should not be negatively affected by switching bank accounts. Nevertheless, if you apply for a new overdraft or credit card, your credit score may be temporarily lowered by a hard credit check.
What is the time frame for switching bank accounts?
The Current Account Switch Service (CASS) allows you to switch bank accounts in 7 working days. However, the switch may take longer if there are any issues with your application or if you have any outstanding debts with your previous bank.
Is it necessary to close my old account after switching?
No, you don’t have to close your old account after switching. However, if you use the Current Account Switch Service, your bank will close your old account. This ensures any payments are automatically redirected to your new bank account. You can keep your old bank account open but cannot switch it with the Current Account Switch Service.
Can I switch to any bank I want?
Yes, you can switch to any bank that offers a switch bank account offer. Nevertheless, you should make sure the bank meets your financial needs, and you meet the offer’s requirements.
Can I switch bank accounts if I'm in debt?
Yes, you can switch bank accounts if you’re in debt. Switching to a bank that offers 0% interest on overdrafts can help you pay off your debt faster, e.g. First Direct offer a £250 interest-free overdraft (subject to status). If you accept the offer, make sure you meet the conditions and don’t build up additional debt.
Will switching bank accounts affect my credit score?
What is the time frame for switching bank accounts?
Is it necessary to close my old account after switching?
Can I switch to any bank I want?
Can I switch bank accounts if I'm in debt?
Conclusion
Switching bank accounts can be a smart financial move, especially if you can take advantage of banks’ incentives.
Choosing the right switch bank account offer can help you save on fees, earn more interest on your savings, or pay off debt faster. Remember to read the terms and conditions of the offer carefully and to ensure that you meet all the requirements before switching.
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