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Compare The Best Current Accounts in the UK - High Interest Current Accounts - UK Current Account Deals

Current Accounts
Many people think changing banks is a complete pain, after all, you have all of your direct debits set up, all of your standing orders, all of your existing banking contacts and companies you normally send payment to set up already, so it’s quite normal to feel overwhelmed when thinking about changing banking providers, and then simply not do anything about it.

There are however many incentives out there from other banks who are trying to get you to open a current account with them – the most popular being the assisted bank account swap over. Basically the new banks want your business so badly, they offer to take care of the whole changeover process themselves – right down to changing over all of your existing direct debits & standing orders to them, and setting up all the new ones in replacement in your new current account. They know how painful it is doing the changeover which is why they offer to do all of this for you. You simply give them access to the bank account you are moving away from & they transfer the funds over, make the changes, and even help close the old account down. On top of this, many banks offer financial rewards for moving your current account over to them. Some offer up to £100 for opening a new current account with them.

What other incentives are there for me to change my existing current account to a new banking partner?
Aside from the upfront financial rewards offered for setting up your current account with a new bank, there are often also other perks and benefits offered to tempt you over to the new banking provider. Some banks offer you a higher rate of interest just for your current account, beating what you currently get just for having your money on deposit with them, ie not in a savings account.

They may then also offer you a further improved rate of interest in return for you depositing your excess current account money into one of their savings account products. Once you already have you money in a current account with a given bank, it becomes a lot easier for them to persuade you to deposit money into a linked savings account also held by the same bank, because very often all it takes is a few clicks within your internet banking control panel and it’s all completed in a matter of seconds. Compare this to a bank trying to get you to transfer money away from your existing bank into a savings account held by them who are operating as a completely separate bank, and it just feels like a lot more work to the customer, so you can see the attraction to the banks of why they want you to hold your main current account with them too –the process of them persuading you to deposit money into one of their linked savings accounts becomes a lot simpler that way and is very often just a matter of a few clicks online.

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