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

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.

Press@money.co.uk