Sunday, 8 May 2011

Switching Bank Accounts

Switching bank accounts is simple and easy; so read this and have a look around at the best deals for a new current account.

If you are like one on millions of people who have never switched bank accounts then you should reconsider as there has never been a more competitive market.

If you do think (like many people) that there is no value in switching and that all banks are the same you really need to look around and understand that the banks are all now competing heavily for you and that to win you over they are putting out some competitive deals.

From a vast range of current account offers such as 0% overdraft's and even cashback on your spending (not just credit cards but even on a debit card) the banks are pulling out all the stops to make their deals stand out.

Its also not just about the numbers you also need to consider the services your bank offers (such as SMS balance alerts which can help you manage your money) and the effectiveness of their customer service (often a good indicator is the number of complaints)

"Most banks now offer a switching service for anyone who wants to move their bank account, and in many cases all you need to do is provide some basic information and bank will do the rest."

There are a couple of things that banks offer to help you move you account and these all typically mean the process is quick and easy.

Regular payments - the new bank will often provide a service to ensure all you regular payments, such as utility bills, are moved over to you new account.

Sort term interest free overdraft - many banks now offer an interest free overdraft for a few months when you open a new current account; this means even if there is a slight overlap between when you bills starting coming out of the new account you will now incurred any charges and no payments will get rejected.

Dedicated welcome team - many people find moving their current account can be time consuming and banks now offer switching services to ensure all you administration is done for you and often just require a single form to start the process off.

Update service - as the process of switch banks can take some time most banks offer a regular update to ensure your fully aware of when the process starts and when the transfer is completed.

If you are thinking of switching to a new current account you may want to look at this independent account switching guide from BACS

We also offer some guides to the banks you may want to look at to help you choose the best bank for your needs.

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