As from today (Monday 16th September) switching between bank accounts should take no longer than 7 days. The government hope is that this will encourage competition in the current account market and a better deal for consumers.
Many banks now offer incentive deals to move your current account to them -promises of £100+ to move are becoming common place – however don’t let the lure of a cash bonus be the sole reason for switching. The devil as ever is in the detail- read the account terms and conditions:
What rate of interest does the account pay?
Is there a free overdraft? – If so how much?
What are the charges for being over-drawn?
Are there minimum deposits you must make each month?
Level of service – some accounts are on-line/telephone only- if you like the facility to go into a branch then no amount of added extras can replace this.
Finally beware of packaged accounts -paying £10-£20 a month to have phone & travel insurance might seem like a good idea but will you actually use the benefits? You may be better off just buying the added benefits separately if you need them.
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