If you don’t like your bank, maybe it’s time to switch. Big banks like HSBC, RBS and Natwest offer up to £175 just for switching. Or, maybe now is the time to try out an app-only bank? This guide explains everything for you.
Switching current accounts
The process is simple thanks to the Current Account Switch Service (CASS). Any banks signed up to CASS will switch over your account for you in seven-working-days.
All you have to do is open a new account, use your new banks switching service, and your old account will be closed. Your money, direct debits, standing orders and anything else will be switched over for you too. You can even switch if you’re overdrawn.
8 things to keep in mind when comparing accounts
Here are some key points to compare current accounts:
1. Look for the best perks
Some accounts might charge a joining fee (this is becoming more and more rare. You’re probably more likely to be offered a joining reward for your custom. Vouchers, cash, exclusive deals – either way, keep an eye out!)
2. Check the requirements
Some accounts may require you to pay in a certain amount each month. Not doing so could incur a penalty. If you don’t think you’ll be able to keep up with the payments, steer clear of these accounts.
3. Do you want savings interest?
You want to make sure your money is working as hard as possible. Comparing interest rates to find the most competitive deals is really important when choosing current accounts.
4. Overdraft facilities
These vary from bank to bank. It’s important to know how much you’ll be charged for dipping into your overdraft, or exceeding your overdraft limit.
5. Time to go digital?
You may have heard of Monzo, Starling, N26, Revolut, and others. This wave of digital banking apps and challenger banks has emerged in the UK over the past few years. Head to our digital banking section to compare the lot.
Charlie is a publisher at Finder. He specialises in Banking and Investments products, including banking apps, current accounts, share dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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