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A bank account shouldn't be for life
Most of us don't think twice about switching insurance providers or transferring our credit card balances especially if it saves us money or if the service we have received is poor. However, when it comes to our bank accounts it seems we are more willing to put up with sub standard service.
Why?
Because it seems too complicated and too much hassle when in fact switching has never been easier.
You'll need to complete a couple of forms and provide a few forms of ID and you will be responsible for having your salary paid into the new account, however all the other chores will be done by your new bank. Most banks offer a free switching service so they will arrange to move all your direct debits and standing orders for you.
Your existing bank has three working days to pass all your direct debit, standing orders and credit history details to your new bank. Your new bank in turn has 10 working days to open your new account, from approving your application. In reality switching can take up to eight weeks to complete so make sure you keep your old bank account in the green until you receive confirmation that the transfer has been fully completed.
Ask whether your new bank offers an interest free "switcher" overdraft. This will cover any direct debits and standing orders that go through before you have arranged for any money to be paid into your new account.
Why switch?
The two main reasons are to earn more interest and receive better customer service.
Make sure you shop around and pick an account that suits all your needs. Read the small print and make sure you understand all the finer details.
Little extras
Keep an eye out for any extras that banks offers like free travel insurance, breakdown cover or monthly cash rewards.
However make sure you understand any catches that are attached to these extras. Things like having to pay a minimum amount into your account each month or a monthly charge.
Make sure any extra you have to pay make the extras you receive worthwhile.
Nothing lasts forever
Most banks will reserve the right to withdraw any extras or reduce favourable interest rates at any time.
So if your new bank account doesn't turn out to be as great as you first thought don't be afraid to switch again.....and again.....and again...
Source: Time For Money