Switching your Bank Account for a Financial Reward?

With competition between banks increasing, many are offering financial rewards if you switch banks; but is it worth switching or is it best to stay loyal?

Many banks offer a cashback incentive to new customers; however as this is a one-off lump sum it has to be considered along with the other features of the account in order to determine if it is the best deal for you. Many accounts have a monthly fee, which can be as high as £18. This totals £216 in the first year alone, a sum that may be more than double the reward for switching. If you are frequently in your overdraft, even switching to a free account can cost you money if the overdraft fees or interest are higher than your original account. Similarly, if you frequently travel abroad the charges for using your card overseas may outweigh the benefits of switching. Continue reading Switching your Bank Account for a Financial Reward?