According to research by Which? 55% of people have never moved current account. It thinks people would be more likely to do so if they had portable account numbers. In fact we very rarely choose our own bank. That’s strange, isn’t it? Most people are with their banks because they have always been and their parents have always done their banking with them too. However, it’s an important decision to make, yet is not one that we seems to make for ourselves. If we’re staying with a financial provider because it’s easier than looking around for a better deal, we’re not helping ourselves at all. If we know there might be something better out there, them it’s time to move on. It can be intimidating to switch banks, but the process is easy if you break it into separate tasks, so follow these simple steps to switching you current account.
First thing first, it is worth it? So you’re dissatisfied with your bank. You may be angry, disappointed, and earning less than the national average. But does it make sense to change banks? It’s worth taking the question seriously before you move forward. If not then stay put.
Next try to find out which banks benefit your individual needs and which ones don’t. This may seem time consuming, but will be worth it in the end. Once it’s up and running the better. You can’t switch banks unless you’ve got somewhere to go. Make a deposit into the account, wait for it to clear, and wait for your debit card to arrive. If you have direct deposit going into your old account, start having those payments directed towards the new account asap. You may need to transfer money between your old and new account to cover any direct debits that are due to come out. There may even be a few mistakes along the way, but don’t worry! Try to keep your old account open for as long as you need to, then once you are sure there is nothing further attached to that account, close it down.
Categories : Bank Accounts