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| Saturday 04 July 2009 |
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Don't put up with a poor deal on your current account. It's never been easier to move your money, so use this website to find the best bank account deals and ditch your current provider.
Research shows people are more likely to get divorced than change bank
account and more than half of us still bank with one of the traditional
'Big Four' banks - HSBC, Barclays, Royal Bank of Scotland/NatWest and
Lloyds TSB. However, the consensus among
consumer groups is that this loyalty is misplaced and makes no sense when
all you get in
return are miserly rates of interest on balances in the black, and sky
high charges on balances in the red as well as poor customer service. Interest
on credit balances If you would prefer to keep your money in your own pocket rather than swelling your banks' coffers, you should take a moment to check the interest you're getting paid on balances in credit as some banks pay as little as 0.1%. By switching elsewhere you can earn up to 50 times more!
Overdraft facilities If you rely on an overdraft
facility you need to check the rate you are being charged on your overdraft.
The average authorised overdraft is around 15%.
Research by consumer group Which? reveals that, with the most expensive account,
someone who goes overdrawn by £500 for two weeks every month could pay
over £200 a year. However by switching to one of the best buy accounts,
the overdraft would cost about £13.
Switching
The big high street banks rely on their customers' misplaced faith to go on boosting their own multi billion pound profits, however with increased competition in the current account account marketplace, you no longer have to settle for a bank account which pays a pittance when in credit and charges hefty overdraft rates if you slip into the red. Smaller banks such as Alliance & Leicester and Nationwide are trying to take on the larger banks by offering better deals. There appears to be a belief among UK consumers that switching bank accounts is difficult. This is a complete myth as moving your current account is straightforward. Once you have contacted your new bank and filled in the forms, they will do all the hard work for you and arrange to have all your direct debits and regular payments transferred. |
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Welcome
Six out of seven adults (85%) have a current account and even though
they probably have a greater impact on our day-to-day lives than any
other aspect of our personal finances, the vast majority of us stick
with one tried and trusted bank throughout our adult life.