Time to switch current account? | moneyfacts.co.uk

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 It is now over 6 months old so the content may be out of date.

Published: 27/07/2017

Many of us have been with our current account provider for years, and often fail to give switching much thought. However, with fierce competition in the sector, now could be a great time to reconsider your options, and join the millions of others who are doing just that.

4 million switches in four years

New data from the Current Account Switch Service show that almost 4 million (3,986,630) successful switches have taken place since the service was launched in 2013, with a seven-day switching success rate of 99.5%.

In that time, more than 23 million payments have been successfully redirected, and with 47 current account providers now participating – covering almost 100% of the current account market in the UK – there's certainly plenty of opportunity to get in on the action.

Indeed, almost 1 million customers have done so in the last year alone, with a total of 909,186 switches completed in the last 12 months – and many are switching to take advantage of reward-based and high interest current accounts.

Compare the options

Bacs' figures show that Halifax was the most switched-to bank on the high street last year, with it welcoming around 112,000 new customers, and given that this provider has one of the best reward current accounts available, it's little wonder. This isn't the only option, however – there are plenty of current accounts that offer rewards, so it's definitely worth seeing what's out there.

Competition is booming in the current account market as providers realise how easy it now is to switch accounts – the Current Account Switch Guarantee means your account will be switched over within seven working days or less, with all payments redirected and all details taken care of. This means that, if you're not happy with the level of service you're currently receiving, you don't have to put up with it!

Take a look at our current account Best Buys and you'll soon see how much there is to choose from. Whether you're after cashback, in-credit interest, a low overdraft rate, access to preferential finance deals or anything else, you'll be able to find it! Many are even becoming viable alternative to savings accounts, particularly as they're one of the few ways to beat inflation, so now could definitely be a great time to switch.

What next?

Compare the best current accounts and see if it's time to join the millions of other switchers

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