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Switch current accounts without a hitch

Switch current accounts without a hitch

Category: Banking

Updated: 09/06/2010
First Published: 09/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
We're always banging on about the importance of saving but making sure you are getting the very most out of your money is just as crucial.

While merely having a savings account or cash ISA is a great start, keeping an eye on the market to make sure your savings deal remains competitive will boost your savings even further.

Much of the focus usually falls on the importance of switching cash ISAs or savings accounts, but there is one type of account which is often overlooked.

The vast majority of the population has a current account, yet very few people ever consider switching providers.

Yet with considerable differences often apparent between the interest rates, charges and special offers available from different current account providers, the reluctance to move means many people are missing out.

Switching current accounts is not as hard you might think.

Your new current account provider will contact your old one for a list of your direct debits and standing orders, before asking you to confirm which ones you want to move.

Letting your employer, pension provider and anyone else who pays money into your account of your new current account details will be about as far as your responsibilities have to go.

The transfer should take no longer than four weeks to complete, while you'll even be reimbursed if you end up out of pocket should anything go wrong.

Now your mind has been put at ease, all that's left to do now is to choose the best current account for you.

Check out our banking best buy charts to help you make the right choice.

There you'll find a selection of the very best current accounts currently around, including big name offerings such as the Halifax Reward Current Account, Alliance & Leicester Premier Direct Current Account, the Lloyds TSB Classic Plus and Santander's Preferred In-Credit Rate Account.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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