Top Ways To Make Switching Bank Accounts Easier

Due to the on-going recession, millions of people all over the UK are switching bank accounts to get the best out of their money. From interest rate scandals and IT meltdowns to PPI mis-selling and valueless reward accounts, the UK has been hit with waves of bad financial press in recent years, and it’s no wonder why banking customs are looking to change where they store their hard earned cash.

According to some of the leading price comparison websites, there has been a 25 per cent increase in the number of people using bank account comparison tools, indicating that moving money is a topic on a lot of people’s minds. Nationwide, one of the UK’s leading banking institutions, confirms the increase, revealing that it has also seen a rise in current account applications.

If you are thinking of moving your money elsewhere and changing your current account, there are a number of things you may want to consider. Firstly, be clear about your motives for changing bank accounts. Although getting the most out of your money can be a good thing, you should make sure that you’re moving for the right reasons, and not just because you’ve heard it’s a good thing to do.

Jumping ship may not be the best option, even if you are unhappy with your bank. Always compare current accounts online before you change your bank account, and also ask your bank what deals they have coming up in the near future. The last thing you want to do is move your money to another lender at the same time your current bank introduces new accounting benefits. Instead of acting rash, be savvy, and make the most of your current perks before you move on.

Switching Accounts

Moving your account from one bank to another is fairly simple, and the banks do most of the work anyway. All you have to do is fill in a few forms, providing your current account details, debits and employer, and your bank will make sure that all of these elements are transferred to your new account. As a rule of thumb, you should expect the entire process to take 3-6 weeks, however most banks will ensure that the process is completed within the space of a month.

Payment Problems

In some cases, there can be a problem with outgoing payments from your account. For example, the transfer may only be part completed, however your debit card will have been cancelled. This means that although you’re still registered with your current account, debits may have started getting taken from your new account. As soon as a problem occurs, or you notice that you’ve got more money in your account than you should, make sure you contact your new bank as soon as possible.

Although the process is typically hassle-free, there can be a few slips, and some direct debits may slip though the net. Don’t fret, just explain the situation to your direct-debiters, and if needed, get your new bank to contact them directly.