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22 FEATURE WEDNESDAY 8 JUNE 2016 CITYAM.COM PERSONAL FINANCE FREE MONEY FROM THE BANK Several are paying £100 or more to newcomers – but hurry, these deals are dwindling Annabelle Williams BANKS are offering customers free cash for switching their current accounts. The UK’s big four – Barclays, HSBC, Lloyds and RBS – have been shaken up by the arrival of newcomers, from online-only “challenger” banks to European giants. Banks are working harder to draw customers, with several offering between £100 and £200 to newcomers. “It appears free-in-credit accounts are becoming reward-in-credit accounts. In essence, this means... the bank will pay customers for using them,” says Brian Brown from industry specialists Defaqto. Their research says one-off bonuses are on the decline, so savvy customers should make the most of them while they last. It may be worth switching between them from time to time – it’s an interesting way to try out different banks’ services too as they vary widely. Some give customers preferential rates on savings accounts and mortgages. Alongside the one-off cash payment, some are also handing out small monthly credits. The Co-op Bank and Halifax offer around £5 a month through their incentive programmes. While it’s a small amount, it’s worth thinking of this £60 a year as extra interest – useful at a time when many savings accounts are paying next to nothing. HOW TO CHANGE BANK Changing bank accounts is much easier these days. The UK now has a seven-day switching service which means, after the forms are filled in, the onus is on the new bank to shift all incoming and outgoing payments to your new account. This includes direct debits, bill payments and incoming salary and pensions payments. It will all be done within seven working days, and the old account will be closed too. See more at the official website, Simplerworld.co.uk. It’s aimed at improving competition in the sleepy world of banking, where nearly 60 per cent of people have been with the same bank for over 10 years. Around 70 per cent of people have their account with one of the Big Four – Barclays, HSBC, Lloyds and RBS. To qualify for any cash bonus, typically customers will have to switch over fully to the new bank and pay in a minimum amount monthly. Usually customers will have to transfer over direct debits too – this can be as many as four, and standing orders don’t count. A tip for people who don’t have sufficient direct debits: set up a “minimum payment” to a credit card. Even if the balance on the credit card is zero, and the card company takes nothing each month, it still counts as an active direct debit. CASH BONUS HSBC is among the most generous. It offers £150 to switch to its HSBC Advance account, plus a further £50 bonus when the account’s been open for a year. The offer runs until 10 July. Two direct debits must be switched, and customers will be given a 0 per cent overdraft for six months. Customers can also qualify for a savings account with a 6 per cent interest rate. The minimum monthly deposit is relatively high, at £1,750 a month (which equates to a £26,300 salary) or £10,500 every six months. First Direct is also giving newcomers £100 for signing up to its 1st Account, alongside eligibility for a savings account paying 6 per cent interest and a free overdraft. In an unusual twist, First Direct will also give unhappy customers £100 when they leave, between six months and year after joining. That said, this bank does have the highest approval rating of any surveyed by the Money Saving Expert website. Ninety-two per cent of its customers say it’s great. There is also a £10 monthly fee for this account, but it’s waived each month if £1,000 is paid in. Not an issue for people in regular work. FREE CASH AND ON-GOING BONUSES The Co-op Bank pays £150 to switch to its Standard Current Account. Customers can also join its reward programme which pays up to £5.50 a month (over £60 a year) as a cash bonus for doing ordinary things with the account such as paying in a salary, using online banking and paying by debit card. It’s also attractive as an ethical bank. To qualify, people must switch four direct debits, and there’s no minimum amount to pay in each month. Meanwhile, Halifax gives new customers £125 for signing up to its Reward account. This offer runs until 18 July. There’s also an ongoing £5 per month bonus which is paid to customers who, again, do very average things with their account including paying in £750 each month, staying in credit and keeping two direct debits active.
CITYAM.COM WEDNESDAY 8 JUNE 2016 FEATURE 23 OFFICE POLITICS Troublesome teamwork: Ten tips to co-exist peacefully Only shared knowledge is power, say Mandy Flint and Elisabet Vinberg Hearn ON AVERAGE, we spend 37 hours a week at work, which means that most of us spend more time with our colleagues than with our family and friends. And if things aren’t amicable with the people we work with, or our teams don’t function efficiently, those 37 hours are going to be painful indeed. We have identified 10 common problems which teams often encounter. So be proactive. Whichever of these you face, address them to ensure your team is as successful as it can be. LACK OF TRUST Trust is crucial to teamwork, and it is hard to trust someone you don’t know. Team members must spend time together and get to know each other if there is to be a sense of cohesion. CONFLICT AND TENSION Conflict, a difference of opinion, can be healthy, and if carefully managed, can trigger useful debates. Different opinions are no bad thing. It’s how we handle them that makes a difference. We can look for the creative power in the different views and use it to find better solutions. NOT SHARING INFORMATION Knowledge is not power, until it is shared. Effective teams share regularly and generously for the benefit of everyone. This allows the whole team’s capabilities to grow and gives the team more power. LOW EMPLOYEE ENGAGEMENT Less than 20 per cent of people are fully engaged at work. This is a massive waste Effective teams share regularly and generously for the benefit of everyone of resources, and of employees’ time. The key to engagement is keeping staff involved. When involved, it is impossible to stay detached. LACK OF TRANSPARENCY Transparency is becoming the expected norm in business. The same goes for teams; they want to see what other teams do, and managers should provide them with the opportunity. LACK OF LONG-TERM THINKING Long-term success requires long-term thinking. Businesses have to look beyond the urgent, take a holistic view, and see how all the parts fit together. In teams it’s about considering the impact of actions and behaviours – on each other, customers and financial results. TAKING THE BAC SEAT BACtrack Free If you’ve had a few to drink, this breathalyser app may prove a stitch in time. BACtrack allows you to monitor your BAC (blood alcohol content), and find out when your system will be booze-free so you can make a more informed decision before you get behind the wheel. The catch is that you have to buy the breathalyser itself (currently £80 on Amazon). But on the plus side, a graph will track your consumption over time. NEGATIVE PERCEPTIONS Every team has a brand and reputation. A large part of that is driven by how well the team delivers on expectations and promises. Everyone needs to take responsibility for their role in creating the perception of the team. This includes both what is delivered and how. NOT MANAGING CHANGE WELL Change is inevitable. All organisations go through change continuously. But it slows people down and creates uncertainty. Be proactive about how the change is handled; talk about it in a constructive way, get clarifications, find solutions to make the change work. SILO WORKING Silo working is a reality for many teams. Working together in earnest is making the most of the fact that you are a team. Honour your time and efforts by seeing yourself as a full time member of the team, not just an individual contributor. Look out for each other and help each other succeed. DIFFERENT DIRECTIONS Unless your team is all going in the same direction, you are effectively pulling the potential of the team apart. To walk in the same direction, spend time clarifying what you are contributing to (vision) and why (purpose). Keep in mind that visions need to be compelling, and purposes meaningful. £Mandy Flint and Elisabet Vinberg Hearn are authors of Leading Teams – 10 Challenges: 10 Solutions, published by FT Publishing.
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