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.

Telephone banking offers a simple way to manage you money

Telephone banking offers a secure and easy way to manage you money. Normally you can access a wide range of product and services from financial services providers.

Depending on the product and provider of the bank account, credit card, loan, insurance or other product you may be provided with an automated service.

Automated phone services can usually allow you to simply get access to basic information such as you balance or a summary of recent transactions.

" you may be able to may payments, transfer money and even order other products and services such as requesting a new debit or credit card."

Telephone banking can also allow you to speak directly to your bank and depending on your account and bank you may have a dedicated team to speak to or your call may get responded to by a call centre.

You can think about telephone banking as a great additional to all the other banking services you may want to use, often it is available 24 hours a day for the price of a phone call.

Here are some of the simple and easy key activities you would typically be able to do via the phone

• Get real-time balances and up-to-the-minute statements
• make instant transfers, pay bills and make payments
• manage standing orders
• order cheque books, paying-in books and statements
• order foreign currency

Typically to access your phone banking service you need to complete a free registration where you set up access on your account and this often requires you to set some security details which allows the bank to protect your money and provide you a fast and personalised service.

Banking Made Simple

With so many banks and the wide range of products and services they offer its no wonder it can be difficult to find the best deals. Here we set out some top tips to help make banking simple for everyone.

Given that the deals on offer change frequently the aim of this information is not to suggest a specific bank or product but to provide some guidance to allow you to find the best products and services which really meet your personal needs

So here are 5 things to consider when making a choice for your main bank account

- Fees and charges

Remember two things -

(1) There is no such thing as free banking so in some way you will always pay even this is a small amount to most individuals when a bank has millions of account they can make big profits from this small amount, such as paying zero or very low rates of interest on credit balances

(2) Watch out for the charges you may incur, you may only ever make a small number of transactions which attract these charges but they can soon add up (but don't forget you can always open up another account which could avoid the charged you don't want)

"You can open a second account which has lower charges for foreign transactions and only use this for your holiday spending abroad"

- Access

Most people still want to use a bank branch although there are now many more choices when a customer want to access their bank - think about the quality of the service you want when managing your account via Phone, Internet and Mobile services.

You may also want to consider the type of payment card you want from your bank, ,Visa and Mastercard are widley accepted, American Express (AMEX) is accepted in many places.

It is also worth considering if you want your bank to provide more than one service; think about your personal needs such as credit cards, loans and insurance.

"if your going to mainly access your bank online checkout their online banking demo"

- Who is your bank

Now most people used to pay little attention to who their bank was and most importantly how reliable the banks funding and protection was but over the last few years there have been a number of high profile banks which has suffered and left some customers wondering just how safe their money is.

- Getting something extra

One of the big differences between banks is some of the extra services they offer. These are often bank account which have a monthly fee but offer a number of additional benefits which can include some of the following

• Lower Cost Overdrafts
• Home Emergency Cover
• Worldwide Travel Insurance
• Car Breakdown Cover
• Mobile Phone Insurance
• Loyalty Points (such as AirMiles etc.)
• Extended Warranty
• Airport Executive Lounges Access
• Commission-free Travel Currency
• Card Protection
• Identify Protection
• Life Cover
• Annual online credit report
• Access to a Relationship Manager

- Get Some Opinions

Clearly you need to take a balanced view when seeking the opinions of others but when it comes to personal service the best way to gauge the performance of a bank is to see what others think. You can ask around or check one of the online services which provide bank reviews.