Everyone hates doing it, it takes time, you have to change cards, PIN numbers and transfer direct debits, so why bother? Here are five reasons why it is beneficial to switch current account.
1. Cash back Offers
This is a popular reason many use to switch current accounts to another provider. With a few good cash back offers on the market, customers can receive up to £100 cash simply for the switch if moving to Santander for example.
This type of incentive is not to be sniffed at as food, energy and fuel is placing more and more pressure on purse strings each day, meaning every penny counts.
If you have been with your current account provider for a while you are more than likely be receiving a very low rate of interest on your in-credit balance. Another good reason to switch bank accounts is to take advantage of the higher rates of interest.
While Santander also offers 5% interest on the first 12 months on balances, Halifax is offering £5 a month every month for the duration of the time you stay with them as long as you deposit at least £1,000 a month.
If you dip into your overdraft on a regular basis, or think your current financial situation may require you to at some point, you may want to compare the market for a more suitable current account that does not charge you too much for doing this.
There are some good introductory offers on the market when looking at overdrafts which offer periods of free unarranged overdrafts, however if you are looking to move for the long term it may be more beneficial to look at offers where you can take advantage of a low rate for a continued length of time.
4. Extra Benefits
Current accounts are not just a means to deposit cash these days, more and more people are taking advantage of the travel insurance options for example which means they save money in other areas of their spending.
Shop around for the best deals which suit your financial needs so you can make the most out of the benefits on offer.
5. Customer Service
People generally perceive switching current accounts to be a stressful and laborious process which is not worth the hassle. The above points show you can receive a lot more for your money, or save yourself money, simply by switching.
If you have not received good customer service with your current bank account provider then this again is a good reason to switch. The switching process is easier to do than it has been in the past, and many banks want you to switch to them so they will try to make the process as easy and smooth as possible.