In the past people were very hesitant to move any company, let alone their bank, people were more loyal. Nowadays people are becoming more and more accustomed to switching their financial products; car insurance, mobile phone providers etc. It is still quite uncommon however to switch our current account to another bank.
Switching banks is often seen as a lot of work for very little benefit, but this isn’t always the case. A lot of the largest banks now have big teams and departments dedicated to switching accounts – the role of these departments is to make sure that the whole process of transferring everything to your new account goes with out a hitch. Banks are becoming more competitive so there are now some great deals to be had! If you’re look or considering switching back accounts, here are some tips to help you along the way. Many people switch bank accounts to benefit in the future, will you be one of them?
1. Now exactly what you want. Not every current account there will be suitable for you, finding the right one that matches your banking style is essential.
2. Consider how you want to access your account – if managing your money online or over the phone is all you need then you have a lot of choice, if you need to be able to pop in to the branch for chat then you’ll need to look at the high street banks.
3. Are you usually in the black? If you’re usually in credit then look for account with good interest rates for when you’re in credit.
4. Are you usually in the red? If you are usually overdrawn then look for an account that will not charge you too much/no interest on your overdraft.
5. Check out the bank charges – Although most banks are pretty similar with the amount they charge their customers, it’s definitely beneficial to shop around and find one with low fees.
6. Are you serious about switching? If you are unhappy with your bank then you should think about moving. It is easier than most people think, the banks will help you to make sure that you can transfer your money to your new account hassle free.
7. Check on the progress of the switch – It is not recommended that you just sit back and relax, you should contact your bank and check your statements to make sure all of the necessary transactions have bee completed.
8. If you want more than just a basic current account then take a look at the types of accounts that come with added extras. There is usually a monthly fee, but if you do need travel insurance, mobile insurance and breakdown cover, then take advantage of what some banks have to offer. Be sure to read the terms and conditions carefully.