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

Written by Salman Haqqi, Senior Personal Finance Writer

24 October 2019

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

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

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Salman Haqqi

Salman Haqqi, Senior Personal Finance Writer

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.

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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.

Read Joel Kempson's articles and guides