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money.co.uk comment: current account switching continues to grow

Money.co.uk top tips as s witching current accounts continues to grow in popularity

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It's telling that three quarters of people polled said their new current account is better than their old one.

For too long, people have been stuck with their banks, receiving poor service, because they have made it almost impossible to move.

Now the switching landscape has changed, it has never been easier or quicker to switch to a new current account and potentially save hundreds of pounds.

Consumers are used to switching utilities such as gas, electricity and broadband so there's no reason not to do the same when it comes to your current account.

With unnecessary obstacles to switching removed, it means consumers are able to take advantage of the range of special promotions on offer to switch, such as cashback rewards.

It also means customers can move to a current account that better meets their needs; whether it's a free overdraft facility, cashback on bills, lower fees and monthly charges or better customer service.

As with any financial decision it's important to do your research before proceeding. Find out what current accounts are out there and what are they offering, not just with regards to incentives to switch but also ongoing services.

Before switching, work out what features you actually need from your new bank account. For example, if you generally have a positive balance maybe look at an account that pays interest or comes with other benefits.

On the other hand, if you're often in overdraft at the end of the month, then switching to a current account with a cheaper overdraft facility could save you money.


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Salman Haqqi

Salman Haqqi, Personal Finance Editor

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. Salman left the world of journalism and moved to the UK to pursue a passion for personal finance and a desire to help people make informed financial decisions.

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Joel Kempson

Joel Kempson, Personal Finance Writer

Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.

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About Salman Haqqi

Salman is our personal finance editor with over 10 years’ experience as a journalist. He has previously written for Finder and regularly provides his expert view on financial and consumer spending issues for local and national press.

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