Bank on making £70 if you swap
CHANGING CURRENT ACCOUNT PROVIDER IS NOW SUPER EASY AND CAN SAVE A PACKET
YOU can save up to £70 a year by changing your current account provider.
I’m asked all the time “Is it worth the bother?” Well this week I want to give you some good reasons to switch while showing just how easy it is.
Those who use their overdraft on a regular basis could save as much as
£260 a year by switching accounts, so I would have to say it’s certainly worth considering.
There are 68million active personal current accounts in the UK, but only
5% of customers switched last year, with many people having been with the same provider for ten years or more.
I can’t think of another product or service which commands such blind loyalty – after all, we shop around for cheaper insurance, gas and electric and look for the best deals online for just about everything else. So why not get a better deal on your banking too? How do you switch? Well it’s really very easy indeed – the hardest part is actually making the decision to move.
The process is so simple. Just look at your existing account and work out how much you are paying each year in bank charges, plus any additional fees you may be paying for extras, things such as insurance for phone and travel.
You should be able to get this from your recent bank statements. Then look around at what other current account providers are offering.
Some banks will even pay you £100 cash to switch to them, but make sure you won’t end up paying more in the long run.
It’s important to do your research on this, so use a comparison site like GoCompare or Moneysupermarket to see what is available.
Once you have made your choice, your new bank will set about doing all of the hard work for you. They will take over your payments for any direct debits and standing orders, and it should prove to be a seamless swap.
The good news is it’s all backed up with a current account switching guarantee, which means it must be done within seven working days and for 36 months any payments made into your old account will be redirected automatically.