© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Is It the Best Time Ever to Switch Your Bank?
Posted 10th March 2015

Is It the Best Time Ever to Switch Your Bank?

Competition within the UK current account market continues to be strong according to new analysis.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Is It the Best Time Ever to Switch Your Bank?
Image

Is It the Best Time Ever to Switch Your Bank?

Competition within the UK current account market continues to be strong according to analysis by MoneySuperMarket, and consumers should take full advantage. The UK’s number one comparison website has seen a massive increase in demand for current accounts, with a 165 per cent increase in the number of applications since the start of the year.

Increase in incentives on offer- earn up to £150

There have been a number of new switching incentives in 2015 aimed at attracting new current account customers, with Yorkshire and Clydesdale Bank’s launching the latest today, offering £150 cashback for anyone using its dedicated switching service.

Halifax recently upped its cash switching incentive to £125 for new Reward Current Account customers. In addition, the account credits customers with a £5 reward per month – amounting to £185 in a year as long as they deposit a minimum of £750 into the account each month. It also offers up to 15 per cent cash back on debit card purchases through selected retailers.

Regular M&S shoppers looking to change their account can earn £125 to spend in store simply by switching before the end of this month. Furthermore, unlike many others, the account does not require any minimum funding per month.

Maximise your savings with in-credit interest

You can also earn extra just by keeping a certain amount of money in your account. Santander’s 123 account pays a higher interest rate than any savings account on the market – three per cent AER – on balances between £3,000 and £20,000 for a monthly fee of just £2, provided that it is funded with £500 each month. On top of this, it also pays you up to three per cent cashback on a variety of essential bills, such as utility, council tax and mobile and home phone bills.

Nationwide currently offers an even higher 5 per cent AER on balances up to £2,500, as well as a 0 per cent EAR on overdrafts for the first year, as long as £1,000 is paid into the FlexDirect account monthly.

Kevin Mountford, head of banking at MoneySuperMarket, said: “Many providers are taking advantage of the poor savings rates at the moment and ramping up their offers and benefits on current accounts to entice customers. Savvy consumers should make the most of this, and cash in on the tempting incentives if they aren’t satisfied with their current deal. Several current accounts now pay better rates than some savings accounts, so it’s worth assessing whether you can get more for your money.

“Now that you can earn as much as £150 just for switching, it’s madness not to shop around for a better deal. By spending in the right places, you can also rack up a lot of money in cashback so you can make money by spending money – as long as you don’t start spending just for the sake of it! It’s easier than ever before to change your account with the process taking just seven days, and your new provider sorting everything out for you. However, don’t just be tempted by the offers on these accounts – consider how you will use the account day-to-day and double check any fees and charges to make sure you won’t be paying over the odds, especially if you are likely to go overdrawn.”

Categories: Finance


You Might Also Like
Read Full PostRead - Eye Icon
Why You Should Always Take Advice from a Licensed Insolvency Practitioner
News
12/05/2025Why You Should Always Take Advice from a Licensed Insolvency Practitioner

Why You Should Always Take Advice from a Licensed Insolvency Practitioner Financial distress can affect any business. Sometimes it builds up over time through late payments and poor cash flow, and sometimes it arrives suddenly as a result of lost contracts or

Read Full PostRead - Eye Icon
Pamplona Capital Management Acquires Controlling Interest in Latham Pool Products
Finance
03/01/2019Pamplona Capital Management Acquires Controlling Interest in Latham Pool Products

Pamplona Capital Management (“Pamplona”), is pleased to announce that it has acquired a controlling interest in Latham Pool Products, Inc. (“Latham” or “the Company”) from Wynnchurch Capital (“Wynnchurch”), which will remain a significant inves

Read Full PostRead - Eye Icon
New Azure App Identifies Cloud Computing Costs
Innovation
05/05/2015New Azure App Identifies Cloud Computing Costs

A new Microsoft Azure app, which helps global organisations identify and track their cloud computing costs, is formally launched in the UK and globally today.

Read Full PostRead - Eye Icon
8 Reasons Why Your Business Needs a Terms and Conditions Agreement on Your Website
Legal
01/02/20228 Reasons Why Your Business Needs a Terms and Conditions Agreement on Your Website

We’ve all seen terms and conditions agreements. They’re those things you click past when you’re updating iTunes. Unless you’re on the side that’s setting those terms, you probably don’t pay them much attention. That’s okay. I won't judge you.

Read Full PostRead - Eye Icon
Current Approach to Due Diligence  Requires Rethink
M&A
30/04/2015Current Approach to Due Diligence Requires Rethink

Completing a corporate transaction without rigorous financial due diligence is unthinkable. Yet, despite numerous well publicised incidents of cybercrime, investors remain blasé about the potential impact of cyber risks on long term value.

Read Full PostRead - Eye Icon
Law Firms and Cyber Security: The 4 Most Common Cyber Threats
Legal
28/09/2020Law Firms and Cyber Security: The 4 Most Common Cyber Threats

Data breaches are becoming more prevalent and the legal sector is a favoured target and is falling victim to cyber-attacks at an alarming rate. Guy Lloyd at CySure explains the 4 most common cyber threats and why the legal sector should step up its focus on cy

Read Full PostRead - Eye Icon
The Heart of the Matter
Innovation
05/01/2022The Heart of the Matter

The world of research is built on collaboration, but finding the space for that collaboration is not always easy. When the European Cardiovascular Research Institute (ECRI) was founded, it was to perform various studies into the field of cardiology.

Read Full PostRead - Eye Icon
The World Leader  in Ozone Generators
Finance
02/11/2016The World Leader in Ozone Generators

BiOzone Corporation is a world-leading manufacturer of ozone generators and ozone water treatment process trains, designed to meet a wide range of water and air pollution oxidation needs.

Read Full PostRead - Eye Icon
Telecommunication is Key
Finance
29/09/2016Telecommunication is Key

Our extensive background in IT and TMT systems and management of projects is what makes us exactly the kind of valueadded professionals needed for your IT/Telecoms and project management consulting, training and assessments.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow