Fed Up With Your Bank Charges? - Let Your Feet Do - Money - News - Moneyfacts

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Fed Up With Your Bank Charges? - Let Your Feet Do

Fed Up With Your Bank Charges? - Let Your Feet Do

Category: Money

Updated: 04/12/2009
First Published: 12/03/2007

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 It is now over 6 months old so the content may be out of date.

With the news that First Direct has started charging its current account holders £10 a month for those who don't deposit a minimum of £1,500 a month, it's felt by some people across the industry that more banks may introduce similar charges and penalise their loyal customers.

Whilst more people get divorced than switch bank accounts, switching bank accounts is actually a lot easier and there's no better way to get back at your bank by taking your custom elsewhere!

Switching bank accounts could actually save you money by finding an account more suitable for your needs. Most banks also offer a switching service to manage switching your account over and taking away the hassle.

Before you jump straight in and take the plunge, it's worth thinking about the following:

  • What do you want from your bank – a better interest rate, a bigger overdraft, or online banking?
  • According to research by Abbey, there's a considerable difference between the best and worst interest rates, ranging from 0.1% to 6%
  • Halifax will pay you a "golden hello" of £100 if you switch before the end of March (incentive withdrawn 16 March 2007) and providing you pay in a minimum of £1,000 a month
  • Alliance and Leicester is offering an overdraft rate of 0% on the first £2,500 for 12 months and then reverts to 5.9% EAR

Moving your bank account could be financially and emotionally rewarding. Unfortunately some banks may be reluctant to let you go, but most subscribe to the British Bankers' Association Banking Code, so you'll have a decent case for a complaint if they make it difficult for you to switch.

And, don't forget to check out our Banking best buys

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 Any products featured may be withdrawn by their provider or changed at any time.

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