Seize a free £175 – MoneyMagpie

First Direct: £175 to modify, plus TOP service 

Santander: Free £175 plus 1% to three% payments cashback (ends this Thurs) 

NatWest/RBS: Free £175 plus £3/month cashback 

Nationwide: £100 free money for brand new prospects  

Virgin Cash: 25% cashback on grocery store/gas spend (max £160)
  

Santander 123 Lite: 1% to three% payments cashback 

Chase: 1% cashback, 1.5% curiosity plus fee-free abroad 

Virgin: 2.02% on £1000 plus 1.71% on £25,000 

Chase: 1.5% on as much as £250,000 

Nationwide: 5% on £1,500, for ONE 12 months 

In the event you’re overdrawn

Many of the foremost banks cost about 40% curiosity for overdrafts however some provide 0% overdrafts, so should you’re within the crimson, it’s price noting that you simply CAN nonetheless change should you’re overdrawn BUT is does rely in your meant new supplier’s lending process. They could resolve to not give you an overdraft, or might give you a decrease overdraft restrict. Nonetheless, many banks have eligibility checkers to find out whether or not you’re prone to get the overdraft earlier than you attempt for it. 

These three banks provide: 

First Direct: £250 0% overdraft 

Nationwide: 12-month 0% overdraft 

Starling: Low overdraft charges 

Insurance coverage

Nationwide: £500+/12 months insurance coverage for £156 p.a. 

The Present Account Change Service (CASS) course of takes seven working days to use for: you simply open a brand new account together with your chosen financial institution, then request a change, and supplied each banks are signed as much as CASS, the switching service will shut your previous account and switch your cash, direct debits and standing orders throughout

It’ll additionally deal with funds on account of your previous account by routinely directing them into the brand new one, for not less than three years. It additionally ensures a refund of any costs wrongly accrued on account of this course of. 

RECURRING PAYMENTS 

In any other case generally known as Steady Fee Authorities, these are arrange utilizing your debit or bank card particulars, versus your account quantity and kind code: so stuff you’ve arrange like storee playing cards or memebership charges. So should you change, be certain that to provide your new card particulars to any firms that take cash out of your card this manner. 

ACTIVE DIRECT DEBITS  

An lively direct debit is one which has paid out within the final 13 months or is lower than 13 months previous. Outdated direct debits can keep lively even should you’re not paying out on them each month in case they’re wanted once more, or in the event that they’ve been arrange for annual funds. After 13 months, your financial institution could take away them out of your account, or mark them as inactive. 

YOUR OLD ACCOUNT 

It’s essential to shut your previous account should you change by way of CASS (the norm if you’d like the switching incentives). Your new financial institution will routinely transfer throughout all funds like direct debits or your wage.  

ISAs and Credit score Playing cards 

Shifting your present account gained’t have an effect on these sorts of funds as they’re separate out of your account; should you arrange a direct debit for these, it is going to be routinely moved to your new checking account.  

SAVINGS ACCOUNTS 

There may be at the moment no switching service for financial savings accounts however you possibly can transfer them your self by opening the brand new financial savings account and transferring your cash throughout.