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5 Reasons to switch your current account
According to the BBC we’re more likely to get divorced that switch bank accounts. What is it about switching current accounts that makes divorce seem easier? Well here you will find 5 reasons why you should switch bank accounts.
1 Interest Rates and Overdraft charges –
Switching current accounts for a better interest rate and smaller overdraft charges has got to be a major reason. With some accounts charging extortiate amounts if you go into an agreed overdraft never mind an account where there is no overdraft facility agreed. The additional fees for bounced cheques and direct debits on top can often make a bad situation much worse. Look out for accounts that offer an interest free overdraft facility like the First Direct 1st Account which offers up to £250 interest free overdraft for new customers.
2 Incentives –
In today’s world where everyone is keeping a tight rein on their purse strings, incentives to switch will make all the difference. Several current accounts will offer incentives to switch account such as £100 cashback.
3 Added extras–
Some current accounts come with added extras such as discounts on car or life insurance, travel insurance and mobile phone protection which they will usually charge you a monthly fee. Great little extras which bought separately could cost you more but in a package, could save you a bundle. The warning is don’t get things if you don’t need them
4 Easier than you think certainly easier and less heartbreaking that divorce –
Several providers now offer a switching service when you apply for a new current account. Take the First Direct account mentioned before. Their switching service will arrange a transfer date for you and obtain all the details of your standing orders and direct debits from your previous bankers and will arrange to transfer them for you. See easy peasy!
5 Customer satisfaction –
Your current account provider will rarely reward your loyalty. Not switching means you can end up paying hundreds of pounds for mediocre service. The First Direct account is so confident that you will prefer their current account that they offer their service guarantee. If you don’t like the account, then they give you another £100 and help you move to another provider.
There, 5 reasons why you should switch and save the sooner the better but before you change any account you have make sure you read the fine print and you know exactly what your signing up to.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2011-09-21 16:49:48 © Moneyextra.com