12th January 2016
Clydesdale and Yorkshire Banks have brought back their £150 current account switching offer.
Customers who complete a full current account switch to Clydesdale and Yorkshire Banks using the Current Account Switch Service (CASS) will receive the payment.
The bonus comes as banks try to attract new customers following a hike in fees on Santander’s popular 123 account as of yesterday.
The charges have more than doubled from £24 to £60 per year, affecting more than three million customers. Experts have advised customers to check whether the Santander 123 account is still the most competitive for their needs after the changes. It pays 1% AER on balances over £1,000, 2% on balances over £2,000 and 3% between £3,000 and £20,000. In addition the account also pays customers 1% cashback on water bills, council tax, Santander mortgage payments, 2% on gas and electricity bills and 3% on phone bills, broadband and paid-for TV packages.
Kevin Mountford, banking expert MoneySuperMarket.com says anyone with a balance smaller than £4,500 should consider moving their money into the highest paying savings account to get more for your money.
Marks & Spencer has also increased the incentive on its current account, meaning that customers can earn up to £316 per year and Co-Op Bank is offering up to £66 per year if customers adhere to certain conditions.
It is available to new customers who hold a current account with another bank or building society as well as existing Clydesdale and Yorkshire Banks customers who meet the qualifying criteria, and use the switching service to transfer in an account they hold elsewhere.
To qualify for Yorkshire and Clydesdale’s switching offer, customers must also register and activate either internet banking or mobile banking within two months of the switch completing.
The banks estimate that a switch can be completed online in less than 15 minutes or customers can apply in branch or over the phone.
Steve Fletcher, director of retail banking at Clydesdale and Yorkshire Banks says: “Our Current Account Switch Service offer was met with a very positive response in 2015 and we are confident the simple and hassle free service will be welcomed by those who are reviewing their finances at the start of this new year.”