Are you considering switching your bank account?

Published on 5 December 2016 by Raffick Marday

Are you considering switching your bank account?

Recent research has shown that Brits are incredibly loyal when it comes to their bank accounts, with millions opting to stick with their current provider rather than switch to an account that could offer more in the way of benefits.

Since you will be in a relatively long-term relationship with your bank account, it’s worthwhile investing enough time to find one that best suits your needs. With this in mind, here are a few to consider:

If you travel

If you’ve got the travel bug – and you pay in a minimum of £750 a month – you may want to look into Nationwide’s current account, which provides free European travel insurance if you are under 75 years of age.

Key features include cancellation refunds of up to £5,000, personal baggage cover of £1,500 and medial cover up to £10 million. It’ll cost you £20 a year to upgrade to worldwide insurance or £30 to cover the family.

If you can pay in £1,500 a month

A chart-topper for consumer group Which?, it’s fair to say First Direct has a solid reputation. If you can pay in £1,500 a month, you have access to a savings account that pays out 8% interest, which is especially impressive considering that interest rates have been steadily tumbling over the past few months.

It has a small interest-free overdraft for eligible customers of £250 – and you also get a £125 bonus when you switch.

If you’re looking for perks

You’ll have to pay £9.50 a month for Co-op’s packaged account, but you’ll get mobile phone insurance on up to four smartphones and worldwide travel insurance for the whole family, so long as you are all under the age of 79.

To qualify for this account – which also offers a free arranged overdraft of £200 – you need to be paying in £800 a month

Of course, these are not the only options: this is just a taste of what’s out there. Have you been encouraged to switch bank account?

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