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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
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Latest news - by category
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It was announced today that the Current Account Switch Service (CASS), which enables customers to switch banks in no more than seven working days, will be undergoing improvements that are to be implemented in a year's time. This should help give more customers and businesses the confidence to switch to a better bank account.
The Competition and Markets Authority (CMA), which has requested the improvements, has revealed that only 3% of personal and 4% of business customers switch their current account to a different bank in any year, despite findings that personal customers could save an average of £92 per year by switching, and small firms could save around £80 by doing so.
The improvements follow an investigation conducted by the CMA which resulted in 17 recommendations, including the implementation of an increased redirection period for payments made to an old account, improving information for overdraft users, making improvements to governance and reporting, and increasing levels of awareness and confidence in the service.
Alasdair Smith, chair of the CMA investigation, said: "Switching is the key way for people and small firms to find better banking deals and save money. Improvements to the switching service will give customers better information about, and so greater control over, their finances … Taken together, its 17 recommendations will save customers between £700 million and £1 billion over 5 years."
With only 44 savings accounts currenting matching or beating inflation, now would be an excellent time to take a second look at your current account, and see if it's working hard enough for you. Though it will take a while before the new measures are implemented, more than 3.5 million accounts have already successfully been switched using the CASS since its launch in 2013.
Indeed, Anne Pieckielon, Bacs' director of Product and Strategy, pointed out that they were already hard at work to improve the service: "We are pleased to formally commit to the CMA's undertakings and look forward to continuing to work closely with them, and all of our stakeholders, in the coming months as we deliver further improvements in the current account switching space. While today marks the official signing of terms, the reality is that the Bacs team has been working hard for some time to deliver against these undertakings.
"[W]e have already delivered on an extended redirection period for payments sent to an old account [and] earlier this month we also launched our latest advertising campaign, as we continue look at new and innovative ways to communicate the benefits and ease of switching to all of those who could benefit from using the service."
So what are you waiting for? Check out the best high interest current accounts to see if you can get a better return on your everyday cash, and read our guide on how to switch to find out for yourself how easy it can be.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Switchers can earn a further £75 in cashback, but will need to spend over £750 a month for three months for their reward.
Switchers can earn a further £75 in cashback, but will need to spend over £750 a month for three months for their reward.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus. The offer is available with immediate effect and is only available through the Current Account Switch Service (CASS) until 27 June.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus.
Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks
Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks
Between the beginning of October and the end of December over 376,000 people switched current accounts.
Between the beginning of October and the end of December over 376,000 people switched current accounts.
Switchers can earn a further £75 in cashback, but will need to spend over £750 a month for three months for their reward.
Switchers can earn a further £75 in cashback, but will need to spend over £750 a month for three months for their reward.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus. The offer is available with immediate effect and is only available through the Current Account Switch Service (CASS) until 27 June.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus.
Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks
Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks
Between the beginning of October and the end of December over 376,000 people switched current accounts.
Between the beginning of October and the end of December over 376,000 people switched current accounts.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.