It’s become quite common nowadays to switch credit cards in order to get 0% purchase deals or balance transfers, but less so to change the current accounts we bank with.
In many cases, people are still with the banks they joined as students or even children.
If you haven’t switched for a few years there’s a chance you don’t have the best account for your needs.
Why change banks?
- You might get a better deal with interest and charges, whether your account is usually in credit or overdrawn
- Another bank may offer a bigger overdraft facility
- There may be a local branch that offers a more personal service
- The new account may offer some specific benefits that suit you, such as car breakdown cover, or a fee-free credit card for overseas spending
- Customer service ratings can be a major factor
- Special offers that offer an immediate financial benefit, such as vouchers or ‘cashback’
Current Account Switch Service
The Current Account Switch Service was set up in 2013 to allow people to move their bank or building society account to another one, for free, in a more simple way, taking just seven working days and helping organise redirections, payments in and out and so on. Continue reading