3 tips for smarter family banking #currentaccounts #familyfinance #cashisa

moneyDo you think your bank is offering you all the benefits you need? Are you getting a decent rate of interest on your current account? And do you know how a cash ISA can help you keep more of the interest that you earn?

We recently switched back accounts after 18 years with the same bank and it is really paying off. Read on to find out how you could switch and gain £ each month.

1.Switching bank accounts is much easier than it used to be. Shop around for a good deal. Even though interest rates have been squeezed there are one or two accounts around now that do pay a better amount of interest. Then pop in or visit the website and ask about their account switching services. We swapped over online, and all we had to do was pick a date and authorise the new bank to carry out the change. They then moved all the direct debits for us, totally seamlessly.

2. Is your bank account paying you interest? We switched to a Santander 123 account recently. There is a £2 per month fee, but we’ve gained 10 times that every month as not only do you get cashback on all sorts of direct debits, it also pays a better rate of interest  – at time of writing around 3% – better than many instant access savings accounts and other current accounts.

3. Put anything you have to spare each month away in an interest bearing account. If you are getting interest on your current account, that’s great, but you could also think about using a cash isa. You can save up to £11,520 without getting taxed on it which means you get to keep more of your interest, so it will help your savings grow. 

This post is in association with Santander … but we switched before I was asked to write the post and it really has worked out much better!

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