Latest news with #switching
The Independent
a day ago
- Business
- The Independent
June ‘strongest month of 2025 so far for current account switches'
June was the strongest month this year so far for current account customers moving to a new provider, according to a switching service. Some 88,146 switches were processed through the Current Account Switch Service (Cass) in June, with 996,344 switches facilitated over the past 12 months. The service recorded 216,519 switches completed between April and June 2025. This follows 222,805 switches in the first quarter of 2025. The latest figures also indicate that Nationwide Building Society was the biggest 'winner' from customers using the service between January and March 2025. Figures provided voluntarily by banks and building societies showed that Nationwide made the highest switching gains among customers using Cass to move their account in the first quarter of this year. Nationwide was followed by Monzo and HSBC UK. Customers using Cass to switch their current account automatically have payments moved over to the new account and get the benefits of a guarantee that they will not be left out of pocket if anything goes wrong with the switch. Some current account switches take place outside of Cass and the figures provided do not include those switches. Andrew Hagger, a personal finance expert from said Nationwide had 'outperformed its peers by a country mile', adding: 'It had a £175 switching incentive in place for the whole of the three months in question, which no doubt helped boost recruitment, however the £100 annual fairer share payment is no doubt also having a positive impact on customer retention.' Nationwide also has a 'branch promise' and 5.7 million customers visited its branches last year – a 4% annual increase. Since the switching service launched in 2013, it has facilitated more than 11.9 million switches and redirected in excess of 166.8 million payments. Cass said customer research indicates that access to online or mobile app-based banking is the most frequently cited reason for preferring a new account, followed by interest earned, customer service, spending benefits and account fees or charges. John Dentry, product owner at owner and operator of Cass, said: 'The fact that the top three spots are occupied by a legacy bank, long-standing building society and a neobank shows the depth and diversity of the UK banking system. 'With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market. I look forward to seeing how the landscape evolves across the latter half of this year.' Here are the net current account switching gains or losses made by banks and building societies between January 1 and March 31 2025 by customers using Cass. The figures do not include switches made outside Cass. AIB Group UK (includes Allied Irish Bank brand switches), minus 414 Bank of Ireland, minus 311 Bank of Scotland, minus 1,850 Barclays, minus 22,334 Co-operative (includes the Smile brand switches), 1,022 Citibank UK, minus two Danske, minus 187 Halifax, minus 15,707 HSBC (includes First Direct brand switches), 5,621 JP Morgan Chase, minus 4,059 Lloyds Bank, minus 4,710 Monzo, 8,850 Nationwide Building Society, 55,578 NatWest, minus 13,086 RBS (includes Coutts and Isle of Man brand switches), minus 3,627 Santander, 1,546 Starling Bank, minus 1,284 Triodos Bank, 33 TSB, 1,277 Ulster Bank, minus 487 Virgin Money, minus 3,353
The Sun
4 days ago
- Business
- The Sun
All the bank accounts you can sign up to and get perks like free cash and save £100s on insurance
BANK HELP Scroll to find out how you can get freebies worth up to £310 from some banks THINKING of setting up a new bank account or switching to a new bank? You might be able to bag freebies worth hundreds of pounds, including free gifts and up to £185 in cash. 1 Many high street and online banks offer incentives to encourage people to switch, so it's worth doing your research to see where you could find the best value. There are also some catches you should look out for when signing up for a new bank account. You must meet each bank's criteria when signing up or switching in order to get the rewards. You should check whether you'll need to pay in a minimum amount each month or have a minimum number of direct debits. Some accounts come with a monthly fee, which could leave you out of pocket. Your credit score could also be impacted by switching or opening a new bank account, so you should keep this in mind if you're planning on applying for any big loans or a mortgage. If you're looking to switch bank accounts to avail of any switching offers, you'll likely need to use to Current Account Switch Service (CASS) to do this. We've rounded up all the bank account perks and freebies you can get right now. Lloyds Lloyds Bank is currently offering a free cash payment of £185 to new and existing customers who switch to a Club Lloyds account. If you meet the switching criteria, you'll be paid the cash into your account within 10 working days of opening the account. Daily Money News However, you'll need to act fast, as the offer ends today, July 28. You'll also get freebies including a 12-month subscription to Disney+ worth £60, six cinema tickets a year, or a magazine subscription. You'll also have access to a Club Lloyds 6.25% regular saver account, which is one of the highest interest savings accounts available, with interest paid after 12 months. However, Club Lloyds comes with a £5 monthly fee, which is waived if you pay £2,000 into your account. Santander Santander offers £180 to new and existing customers who move to some of its current accounts. This includes its Everyday Current Account, as well as the Santander Edge and Edge Up accounts. With a Santander Edge and Edge Up account, you can also get up to £20 a month in cashback, including on household bills and at supermarkets. The Santander Edge account costs £3 a month, while the Edge Up account costs £5. The Everyday Current Account comes with no added fees. Co-operative Bank You could save hundreds on your insurance costs by switching to Co-op Bank. If you open an Everyday Extra account, which normally costs £18 a month, you can get three months of account perks for free. This includes free worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover, worth hundreds of pounds. When you sign up or switch, you'll pay the £18 month fee but it will be refunded into your account by the bank for the first three months. Barclays You can get £175 by opening a Barclays Bank Account, which comes with no monthly fee. However, you'll need to join the bank's Blue Rewards to be eligible for the £175, which costs £5 a month. This rewards scheme offers monthly cashback of up to 15% at selected retailers and exclusive savings rates. You'll also be able to get a free AppleTV+ subscription worth £8.99 a month. NatWest You can get a £125 bonus by switching to a range of NatWest current accounts, including its Select and Reward accounts. You could also earn another £50 by opening a linked savings account with the bank. You'll get extra freebies by signing up to a Reward account, which costs £2 a month. NatWest will give you £1 in rewards by simply logging into your mobile banking app once a month, and £4 by paying two or more direct debits from your account. You can also earn cashback from a range of retailers including Greggs, Morrisons and Ikea. TSB You can get £100 if you switch to one of TSB's Spend and Save current accounts. The bank is also offering up to £90 cashback for the first six months as part of the switching offer. You can get extra rewards if you sign up to a Spend and Save Plus account, which TSB says are worth up to £310. If you switch and make 20 or more payments on your debit card in February 2026, you can choose a £120 hotel voucher or access to access to 12-months' activity tickets in March 2026. The Spend and Save Plus Account has a monthly fee of £3. First Direct First Direct offers £175 in cash for switching to its 1st Account, which comes with no monthly fee. This account also offers fee-free spending abroad, making it a good option if you've got summer trips coming up. How to switch successfully FOLLOW these steps to make a successful switch and bag a perk STEP 1: Choose a new account with a switching perk. Check it is suitable in other ways, including the overdraft charge, any monthly fees and any fees for spending abroad. STEP 2: Check you are eligible for the perk. Ensure that you can meet the requirements to get the reward, which may include not having had a bonus from that bank before. You may need to ensure you have sufficient direct debits on your account before switching. If you do not, you could set some up for household bills or some small ones to charity. STEP 3: Open the new account in-app or online. This may require ID such as a passport or driving licence. STEP 4: Choose a switch date. When you apply for an account, you should be asked whether you want to switch an existing bank account. You should say yes and pick a day seven days in the future for the switch to complete. STEP 5: Wait. The whole process should take seven days, after which your account and direct debits should be switched. Each bank has different timelines on when any cash reward will be received. Other rewards, such as linked accounts, should also be available in your app. STEP 6: Switch again. If you have received the reward you wanted and would like to receive more, start the process again with another bank that offers a cash sweetener. IF IT GOES WRONG CONTACT your new bank and quote the Current Account Switching Rules, which you can find on its website (currentaccount If you are out of pocket because of missed payments due to the switch, your bank needs to refund you under the terms of the guarantee.
The Sun
22-07-2025
- Business
- The Sun
How to switch broadband provider – explained step by step
STAYING put with the same broadband provider can be expensive and, if you're not getting good service, frustrating. A YouGov survey revealed that nearly eight in ten people don't change their broadband provider. 1 This could be for various reasons, but if you feel you're being short-changed, it might be time to consider switching. It may seem a technical process, but recent interventions from Ofcom, the regulatory body for the telecommunications industry, are aimed at making switching easier. Below, we explain how to switch broadband provider through a step-by-step process. We also list some of the best broadband deals from our own experts. How to change broadband providers Ofcom introduced its 'One Touch Switch' last September to make switching broadband providers easier. This is how it works, including some other steps you can make to ensure the switch goes more smoothly: Check your contract Before changing broadband providers, it's worth checking your existing contract for any early exit charges and penalties. These can be hefty, and it could mean switching providers might end up being expensive. If your contract is nearing its end – for instance, within a month of renewal – you can start shopping around for new providers without worrying about exit fees. (AD) FIND THE BEST BROADBAND WITH USAVE Searching for the best broadband deal online can be a real hassle. Save yourself the stress by using usave's comparison tool, which compares tariffs across a wide range of providers. Click on the link below, and enter your postcode to see what's available in your area. Find a new broadband provider Once you're ready to switch, the next step is to find the best broadband provider for your needs. The Sun regularly highlights the best-value broadband deals, so it's a good place to start your search. Alternatively, Usave's comparison tool finds the best value deals for your area. However, price isn't the only factor to consider. Opt for a provider with a solid reputation for reliability and customer service. This ensures that any technical issues can be resolved efficiently. We list some of the companies with the best customer service here. Apply through your new broadband provider When you've chosen your new provider, apply for your selected package directly through them. Under 'One Touch Switch' rules, your new provider is required to give you crucial information about the switch, including any charges and confirmation of your new pricing. If you're satisfied with the details, you can select the date you wish to switch – typically the day your current contract ends. From there, your new provider will manage the entire process. You won't need to contact your old provider, and you'll stop being charged for their services once your new contract begins. Should I switch my broadband provider? It's worth switching your broadband provider if you're receiving poor service or if you could get a significantly better deal elsewhere. Can I switch providers mid-contract? Yes, although this might be expensive. Most broadband providers - like Sky, BT, and Virgin Media - require you to pay a penalty fee if you're looking at leaving your contract, although there are two notable exemptions. The first is if your provider significantly changed the contract terms, like increasing the price of your broadband over the annual limit. Such an increase could have a grave impact on your household bills, which is why you'll have the option to leave penalty-free. The second is if you've not received the service you've paid for. For example, you'll be promised certain download and upload speeds – if these aren't guaranteed then you'll need to get in touch with your provider and give them the opportunity to resolve the issue. If it isn't resolved after a certain period, then you can leave your contract penalty-free. It's also worth remembering that broadband providers, alongside other service providers like car dealerships, are required to offer "cooling off" periods. These are designed to offer consumers a way out if they've jumped into an agreement that isn't right for them. For broadband contracts, you can usually leave your agreement penalty-free within the first 14 days. Do I need to cancel my broadband before switching? If you're using the 'One Touch Switch' service, then you don't need to get in touch with your old broadband provider to make the switch. The one exception is if you're on a combined package, like a Sky TV bundle or a broadband and landline deal. You will still follow the 'One Touch Switch' steps to change broadband providers, but you may need to get in touch with your old provider to explore your options for the other services. Will I lose internet during the switch? It's rare for households to lose internet when switching broadband providers and, if you do, then you could be owed compensation, according to Ofcom. Its rules state that if your provider promises to start a new service on a particular date, but fails to do so, then you could be owed £6.24 for each calendar day of delay, including the missed start date. Some technical issues might arise too, like if you're moving from cable to broadband, and your new provider might send an engineer around to your home to ensure you've installed the right technology. During the installation, you might lose internet connection for anywhere between a few minutes and an hour – it all depends on how long the engineer takes to get the service up and running. But this shouldn't put you off upgrading your technology – a few minutes or a couple of hours without internet could be worth a more reliable connection. Can I keep my landline number? Yes, and you'll need to follow a process called number porting. This starts when you contact your new provider to switch broadband and landline packages. When it comes to switching landline packages, you need to explicitly state that you'll be keeping your number. Some providers require a letter of authorisation, but after this your new provider will handle the rest of the process. It's a similar process to changing mobile providers with a single text.
Telegraph
14-07-2025
- Business
- Telegraph
How to earn up to £715 – just by switching bank accounts
Do you make money by regularly switching bank accounts? Get in touch with money@ During the past year, fewer than one in five of us (17pc) switched bank accounts. But, ditching your current account isn't just an opportunity to get better rates or customer service, it can also be an easy way to earn a bit of extra cash. In fact, if you're prepared to keep switching, you could bank up to £715, based on the switching incentives currently being offered by some of the best-known banks and building societies on the high street. Telegraph Money takes a closer look at the offers that are currently up for grabs and everything you need to know to cash in. Which banks are offering a cash incentive? Can I keep churning my current account? What to think about before you switch Which banks are offering a cash incentive? Lloyds Bank: £185 To claim £185 from Lloyds you'll need to switch to a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier Account. Unfortunately Lloyds' only fee-free account is not included in this offer. The cheapest account in the range is Club Lloyds, which charges £5 a month – but the cost will be refunded if you pay in £2,000 or more each month. You'll also need to use the Current Account Switch Service and move three direct debits. But act quickly as the offer runs out on July 28. You also can't take advantage of this offer if you have claimed a switching offer from Lloyds, Bank of Scotland or Halifax since April 2020. Is it worth switching to Lloyds? If you bank with Lloyds it will be free to use your card overseas and claim a perk such as 12 months of Disney+ or six cinema tickets. You can also access a regular savings account that pays 6.25pc on savings between £25 and £400 a month. When will I be paid? You should get your £185 within 10 days of making the switch. Santander: £180 You can get £180 from Santander if you open an adult current account, including its free Everyday account. All you need to do after completing the switch with the Current Account Switch Service is pay £1,500 into your account and move at least two qualifying direct debits over. You can't take advantage of this offer, however, if you had a current account with Santander on January 1 2025, or you have already claimed a switching incentive from the bank. There's currently no advertised end date for the offer, but it may be withdrawn at any point. Is it worth switching to Santander? Santander offers a choice of current accounts. The fee-free everyday account is a pretty basic offering. To access free card use overseas and the bank's trademark cashback, you'll need to open an Edge or Edge Up account, which charge £3 and £5 a month respectively. These accounts pay cashback on bills, travel and supermarket shopping, but note this benefit will be scaled back to just bills in September. Caps on cashback are higher with Edge Up. When will I be paid? Santander will pay £180 into your current account 90 days after you request the switch (eligibility for the offer is checked on day 60). NatWest: £125 plus £50 NatWest is currently paying £125 to new customers who switch to a current account with the bank, including its fee-free Select Account. There's also the opportunity to earn a further £50 if you open a digital regular saver within 60 days of your current account switch. To qualify for the £125 payment, you'll need to pay in £1,250 (either in one go or with multiple payments) and this money must stay in your account for at least 24 hours. You'll also have to download and log into the NatWest banking app. Is it worth switching to NatWest? Similar to many of the new app-only banks, NatWest offers customers a range of budgeting tools, even with its basic fee-free Select account, to help you track your spending. It also has a round-up service, which rounds up your 'change' and pays it into a linked savings account. Its paid-for Reward account might also be worth considering. It charges £2 a month, but pays £4 a month on two regular direct debits, and £1 a month just for logging on to the app. That alone would leave you £36 up over a year. There's also 1pc cashback when you shop with partner retailers (including Ikea, Waitrose and Morrisons). When will I be paid? Once you have met all the required criteria, you should get £125 paid into your account in 30 days. If you have also opened a regular saver, you'll get a further £50 within 30 days of receiving your £125 payment. First Direct: £175 Switch to First Direct's simple fee-free current account using the Current Account Switch Service and you could be eligible for £175. All you need to do to qualify is transfer two direct debits or standing orders, pay in £1,000 and make five payments with your debit card within 45 days of opening the account. There's no deadline on this offer, but First Direct warns it can be withdrawn at any point. The offer is also not available if you're already a First Direct customer or you have opened an HSBC account since January 1 2018. Is it worth switching to First Direct? Fans of First Direct rate its telephone banking service. You won't have to deal with automated messages and will get put through to a human straight away. It also offers a fee-free £250 overdraft buffer, and it is free to use your card overseas. When will I be paid? According to First Direct, you'll be paid on the 20th of the month if you meet all of the criteria. Can I keep churning my current account? Most people use the Current Account Switch Service – which guarantees to process the switch in seven working days – to get a new account and stick with it. The incentive is just the nudge that's required to get you to rethink who you bank with. However, if you've got the appetite to cash in on these offers, and are prepared to put in a bit of effort, we estimate you could earn up to £715 before next spring by making successive switches. The key is that you haven't switched accounts and claimed an incentive in the past few years as that will usually preclude you from the current range of offers. You also need to be very organised to ensure you meet the criteria required to get the payment and beat the offer deadlines.
RNZ News
08-07-2025
- Business
- RNZ News
New website aims to make switching banks easier
Sick of your bank but overwhelmed by how switching might work? A new website launched in June hopes to change the perception that changing banks is too hard. In its market study into personal banking released last year, the Commerce Commission found half of New Zealanders had never switched banks, and thought switching had little benefit. The Commission says customer inertia means there is a lack of competitive pressure on the big four banks, which enjoy 85 to 90 per cent of the market. It is echoed by the smaller banks which complained to the Commission last year that the inertia made it hard for them to attract customers. The Commission also criticised a switching service run by the banks own governance organisation Payments NZ since 2010 - saying it wasn't working and that no assessment on its effectiveness was done. In response to that Payments NZ has revamped the service into a new website, ' Ready to Switch '. The website explains how it works, including transferring things like automatic payments and direct debits to a new bank. Steve Wiggins is chief executive of Payments NZ, and speaks to Kathryn about the new website. Commerce Commission chair John Small, also speaks about what benefits increased levels of switching could bring. Photo: RNZ
