You Are Here > Home > Bank/Savings > Article

Click for Home Page
Google
 
Web InvestorProfit.com

Banking/Savings Section

Get Paid CASH To Switch Bank Accounts

March 2005

The latest incentive for you to switch bank accounts is FREE MONEY!

The banks are desperate to grab a bigger slice of the multi-billion pound market and are therefore looking to buy your business. Some of the accounts also offer FREE travel insurance. But as ever you should always check the small print because very few if any financial institutions these days are above sly marketing tricks.

One surprising fact about the new breed of bank accounts being offered is that many of the cash benefits are in place for customers who are regularly overdrawn. These benefits come in the face of lesser or even no charges.

  • An added bonus to the account Alliance & Leicester also offers a £25 cash handout with their credit Card which includes a 9 months interest free introductory period

Strings?

Most of these accounts come with stipulations.

  • The Lloyds TSB account pays 4% interest up to £5,000 but the rate is only available for interest access. Also if you don't use the internet banking facility 3 times every 3 months the interest rate drops to a disgraceful 0.1%!
  • The Alliance & Leicester Premier Plus account pays 5% interest but only on the first £2,500. Money in excess of £2,500 pays just 0.1%
  • The Halifax Moneyback account offers a paltry 0.5% on ALL credit balances. Note that Halifax's other accounts pay around 3%.

If You're Likely To Go Overdrawn

Switching accounts is your best plan.

  • Alliance & Leicester account holders offers a free no interest overdraft facility for 12 months. Research has shown that this works out to be a saving of between £95 and £150 for those currently banking with Lloyds TSB, HSBC or the Halifax. But take note because the Nationwide offers discounted overdraft rates, £65 in costs for a £1000 overdraft over a year
  • Also look out in the small print for how much it costs to exceed your overdraft limit. Alliance & Leicester charges a flat £50 but can go as high as £100 if you exceed it for over a week. HSBC charges £20 while Lloyds TSB charges £25 for going over your agreed overdraft limit
  • However, while the Alliance & Leicester unauthorised overdraft limit is very high it's actual interest rate on the owed money is very good value at just 7.9%. Contrast this with the Halifax's rate of 29.8% which is a scandal. The Halifax's executives seem to be no better than mob controlled money lenders

Free Travel Insurance Included

For those going on holiday more than 2 times a year (holidays include weekend breaks) then getting free travel insurance can save you up to £100 a year.

See Also
TOP BANKING SEARCHES FROM FIND.CO.UK
Online Banks
Savings Accounts


© 2000-2008 - LearnMoney.co.uk Ltd..|..About Us & Contact..|..Privacy Statement..|..Disclaimer..|..Sitemap..|..Link Request
Page copy protected against web site content infringement by Copyscape

The information on the InvestorProfit.com website has been compiled from sources believed to be reliable, but is not warranted to be accurate or complete.
All recommendations and comments are provided for general interest only and should not be construed as personal investment advice.
Professional advice should always be sought.
The price of securities and any income from them can go down as well as up.
Past performance of a security or market is not necessarily indicative of future trends.
Any opinions and recommendations on InvestorProfit.com are given in good faith, but without legal responsibility and are subject to change without notice.