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How to get a Christmas present from the banks

Switching current accounts could earn you £198

Man pulling gift from Clydesdale and Yorkshire Bank out of envelope

Banks are offering generous incentives to get you to switch current accounts, and the latest market leading deal has come out just in time for Christmas. 

Clydesdale and Yorkshire banks are the latest companies to offer an incentive to customers who switch to their accounts. 

They are offering £150 to new customers who use the Current Account Switching service to transfer their main bank account and pay in a £1,000 each month. The offer is valid until the end of February 2015. 

Switching deals compared

This deal beats other switching incentives from rival banks Co-operative Bank, First Direct, Halifax and Smile, all of which are offering £100.

And what makes Clydesdale and Yorkshire banks’ incentive more compelling is that customers who switch to the banks’ Current Account Direct can also earn 2% on credit balances of up to £3,000. 

Over 12 months, this adds up to £48 after basic-rate tax is taken off. So customers could make a decent £198 in the first year of switching to this account from earning interest as well as collecting the switching incentive.

The next best deal comes from the Halifax Reward account, which offers you £100 to switch accounts and then gives you £5 for each month you pay in £750, pay out two direct debits and stay in credit. This works out to be a total of £160 in the first year. 

Bank customer service

If customer service is as important to you as a cash incentive, then First Direct remains the best option, with a table-topping 82% customer score in our latest survey. 

First Direct pays you £100 to switch and has also consistently been a Which? Recommended Provider in every customer satisfaction survey of banks we’ve run since 2010. 

Clydesdale and Yorkshire banks’ customer scores are about average for the market at 58% and 62% respectively. The Co-operative Bank and Halifax get 62% and 61% respectively.

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