The potential benefits of switching your current account
Nowadays we’ve all become well accustomed to the idea of switching our utility and mobile phone providers etc. with the aim of saving money and finding the best deal. Are we all as comfortable with the idea of switching our bank accounts though, especially our main current account to another banking provider? My guess would be that while many people wouldn’t have a problem switching their savings accounts to another provider, they may feel a little more daunted with the idea of moving their day to day banking affairs.
With this in mind, let’s take a quick look at the potential benefits of switching your current account to a new bank so you can decide whether it might be worthwhile for you. Before we begin it’s important to remember that some of the benefits mentioned below may be applicable to some current accounts and not to others and some factors may be more important to you personally, so it’s useful to spend a bit of time finding the right account for you.
Better Interest Rates
One of the primary reasons you may be considering switching current accounts at the present time is to increase the amount of interest you are getting on the balance being held in your account. Not too long ago we looked at the TSB Classic Plus Account which pays 5% credit interest, which is obviously a lot higher than the rates currently being offered on some other UK current accounts. You can find out more about switching to this account and also the 7 day switching process on the TSB current account switching page of their website.
On the opposite side of the coin, you may be somebody who uses their overdraft facility quite often and who feels that the charges and interest rates being levied by your current bank are just far too high. Switching to a current account with a more favourable fee and interest rate structure could be another benefit of switching bank accounts.
Is your current banking provider still living in the dark ages when it comes to online banking and telephone support? Or if they do offer these services, do you feel that they are not as useful as they could be or that you often find yourself being placed on hold for hours at a time whenever you need to speak to somebody? If you feel like this then making the switch to a current account provider that is recognised for their support in these areas may be a smart move for you.
Better Branch Access
Maybe you are not a great fan of online and telephone banking and you still prefer to visit the branch in person to get your banking done. In this case, convenient branch access and branch opening hours will be of utmost importance to you. If you are finding that your current bank has moved its branch to a different town or its opening hours don’t fit in with your schedule anymore, then switching to a different current account provider which offers more convenience in this area could be of huge benefit to you personally.
Some banking providers also offer certain financial incentives if you make the switch to them. This may come in the form of a one off cash bonus, a voucher or a favourable interest rate. So if you like to grab a freebie then perhaps this will be enough to sway you into a switch.
As we can see from the paragraphs above, there are many potential benefits to switching your current bank account to a new banking provider. Competition is hot in this sector at the minute and the differences between the different banks in the areas of interest rates offered, fee structures, online support and more can be great. The good news is that this competition could lead to you getting a great deal and great service if you do choose to switch your current account to a new bank.