What does switching current accounts involve?

Most people needlessly worry about switching their current account. But there’s no need. Switching current accounts is generally seamless and you can keep using your existing account until the new one is ready to go.

If you’re thinking about switching, then it’s probably time you did. If your bank isn’t doing it for you, there’s no excuse for giving them your business. Here are five myths associated with switching current accounts.

Myth 1: I could lose my money
You won’t. Your balance will be transferred from your existing account to your new one, as will all the arrangements on your account. There’s no risk at all that you will lose any money.

Myth 2: I won't have a card for a while
While your new account is being arranged, you can still use your old one. Your new bank will let you know when any payments start coming out of your new account. There’s no need to worry; you won’t be without a card or money for any period of time.

Myth 3: It’s too much hassle
Wrong. It couldn’t be easier. All you have to do is compare accounts, decide on the one you want and complete the online application. You could have it all done using our site in about ten minutes!

From there, you can sit back and relax. Your new bank will send you a form to sign and organise everything. You will receive a new card and PIN, and they will transfer the arrangements on your old account to your new one.

Myth 4: It’ll be a pain switching my salary payments, Direct Debits and standing orders
Most providers will transfer your Direct Debits, income and standing orders over to your new account for you. They’ll even deal with your old provider and close the account.

All providers who follow the Banking Code are required to provide a switching service.

Myth 5: I should be loyal to my current bank
It’s natural to develop a sense of loyalty to a business, but you need to decide whether your commitment is justified. If you’re not getting the best deal, there’s no reason to feel loyal. After all, banks are big businesses and should reward their loyal customers. If your bank’s competitors are offering a better deal, why should you be the one paying the price for loyalty?

Switch your current account and start saving money today.