Switching current accounts: mythbuster

Published on 11 August 2014 by Raffick Marday

There has been plenty of research circulating over the past few months which shows that people are too busy – or too lazy! – to switch service providers, especially when it comes to utilities and bank accounts.

Did you know that switching bank accounts could make your hard-earned cash go further and ultimately bag you a better deal?

You can even tailor such a crucial element of your everyday financial life to your personal needs. Here are the three top myths about switching bank accounts – busted!

All current accounts are the same

While current accounts do often share the same characteristics, they are far from being the same.

There is a wide range of accounts available to choose from, all offering a variety of different perks: for example, standard non-fee accounts offer features and rewards such as overdrafts, advanced internet or mobile banking, access to exclusive deals etc.

Some, including Nationwide, offer free European travel insurance if you deposit a certain amount each month.

Fee-based packaged accounts offer a multitude of perks such as mobile phone, travel or breakdown insurance and many other benefits.

So long as you check you are eligible to claim on these policies, it is possible to find a current account perfectly tailored to your needs.

Finding a new current account is time consuming

Thanks to the internet, comparing and switching bank accounts is quick, easy and hassle-free. Comparison sites such as Compare Prepaid make it easy to compare accounts in seconds, making the process easier than ever before.

To minimise the time spent searching for a new account, write down five things you want from a bank account and whittle down the contenders based on that.

Switching accounts is difficult

On the contrary, most banks and building societies offer a dedicated switching service, which means that all it takes is filling in a few simple forms and voila – your payments and direct debits will be moved in a flash and everything should run smoothly.

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