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A change for the better: switching current account

A change for the better: switching current account

Category: Banking

Updated: 08/08/2011
First Published: 25/06/2010

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 It is now over 6 months old so the content may be out of date.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 fallout from the emergency Budget set to leave many of us with less in our pockets, making the most of what you have is an absolute must.

Most of us are now comfortable with swapping energy suppliers to get a better deal, or perhaps transferring an ISA to get a better rate of interest.

However, there is one thing that the majority of Britons have, could swap to a better deal, but is often overlooked.

Around eight in ten people claim to be considering changing their main current account, according to Santander.

Yet millions of people fail to take the final step and switch their current account provider because they think it's too much hassle.

In short, switching current accounts is not a hassle.

Not only could you find a better rate of interest or lower charges, some current account providers even reward you with cash just for transferring.

Your new current account provider will get in touch with your existing one to get a list of your direct debits and standing orders, before asking you which ones you want to move.

Just about the only thing you need to do is to give your new current account details to your employer, pension provider and anyone else who pays money into your account.

Transfers typically take less than a month, while you'll be covered for any losses incurred in the unlikely event anything should go wrong.

So you can see there really is no reason not to make a change.

Why not check out our banking best buy charts to see if you could be getting a better deal.

There you'll find a selection of some of the best current accounts around at present, including 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 Any products featured may be withdrawn by their provider or changed at any time.