MAKE PS175 ONLY BY switching BANK ACCOUNTS
Transferring banks, if it is something you have thought about doing, is fairly simple and you will be interested to be aware that there are six banks who will pay you PS175 cash when you switch on their products. It is important to note that some accounts offer savings interest or give cashback on bills.
Here is a short listing of which bank is providing which service (on the day the day of its publication):
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Register now to receive for cash offers
Rewards for longer-term use
Savers (Interest Paying)
Banking accounts that are switched
SIGN-UP CASH OFFER
First Direct: PS175 to switch, plus TOP service
Sanders offers a free PS175 plus 1%-3% cashback on your bills (ends on Thursday)
Nat West/RBS: Free PS175 plus PS3/month cashback
Nationwide: PS100 free cash for new customers
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Virgin Money: 25% cashback on supermarket/fuel spend (max PS160)
REWARDS FOR LONGER TERM
Stander 123 Lite: 1% to 3% bills cashback
Chase: 1% cashback, 1.5% interest plus fee-free overseas
Our in-depth review of our top easy savings accounts to open this autumn is now available.
SAVERS (INTEREST PAYMENT)
Virgin: 2.02% on PS1000 plus 1.71% on PS25,000
Chase: 1.5% on up to PS250,000
Nationwide: 5% on PS1,500, for ONE year
SWITCHING ACCOUNTS OF BANKS
If you are a bit overdressed
The majority of banks charge 40% for overdrafts, but some provide 0 percent overdrafts. If you are in the red it is important to note that you can still change if you are in a position of overdrawn, but it will depend on the new lender is loan procedure. They may choose not to provide you with an overdraft, or provide you with a lower limit. Many banks do have eligibility checks to see if you will be eligible for the loan before you apply to get it.
Three banks offer:
First Direct: PS250 0% overdraft
Nationwide: 12-month 0% overdraft
Starling: Low overdraft rates
Insurance
Nationwide: PS500+/year insurance for PS156 p.a.
The Current Account Switch Service (CASS) procedure takes seven working days to complete to: you simply create a new account at the bank of your choice, make an application for a switch. as long as both banks are in agreement with CASS The switching service will shut down the old account and transfer your funds in direct debits, standing order across
It also handles payments that are due to your previous account, by automatically redirecting your payments to the new one for at least three years. It also promises a full refund of any fees that were not properly earned due to this method.
Recurring payments
Also known as Continuous Pay Authorities, they are created by using your credit or debit card information, not the account numbers and code. This includes items you have created such as storee cards or even membership charges. If you decide to switch cards ensure that you give the new card information to any company that takes cash from your card in using this method.
ACTIVE Direct Debits
A direct debit that is active is one that is been paid out within the last three months of its existence or not more than 13 years old. Direct debits from the past can be in effect even if you are not paying them out each month to ensure they are used in the future, or if they have been set up to allow annual installments. If they are inactive for more than 13 months your financial institution could take them off your account or mark them as inactive.
Your old account
It is necessary to close your previous account when you switch to CASS (the standard procedure if you wish to avail the incentives for switching). Your new bank will transfer all your payments, including direct debits or salary.
IS AS and Credit CARDS
Transferring your current account will not affect these types of transactions since they are distinct from your account. However, if you create direct debits for these types of transactions, it will automatically transfer into your new bank accounts.
SAVE EARNINGS ACCOUNTS
There is no service to switch savings accounts however you can transfer them yourself by opening a new savings account, and then transfer your money to.