What are you missing out on by not switching your bank account to a different bank?
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Figures released by the Payments Council has shown that there has been a 12% increase in people switching current accounts in 2014 compared to 2013.
That means that 1.16 million people switched their current account last year, with Santander, Halifax and Nationwide Building Society doing the best out of it.
Not only that but the trend is continuing and even more people are taking advantage of the easy switching service that the government imposed on banks in 2013.
What’s caused the increase in switching?
Most people decide not to switch because they’re too afraid of losing their direct debits and standing orders, or they think the process is too complex.
What they don’t realise is they also miss out on some of the best deals.
The process is now easier than ever before – it only takes seven days to switch, as opposed to the thirty days previously, and you are guaranteed not to be left out of pocket if anything goes wrong.
Payments made to your old account are automatically redirected to your new one for the first 13 months. From March the redirection period will be 36 months.
Because it’s easier to switch, the banks are trying hard to win new customers so there are plenty of deals you can take advantage off by switching.
You can get a better interest rate, free travel insurance and some banks even pay you for switching – for example First Direct offers £125!
Jan-Pieter Lips, president of customer insight specialist Aimia, said: “There is a new banking battleground. Apathy is waning and consumers are demanding to be recognised and rewarded for their loyalty. Banks that adapt and innovate accordingly will be the ultimate winners.”
I have four accounts with four different banks plus a credit union account. There’s nothing to stop you keeping the account you have now and opening another one to see which gives you the best service. You could end up keeping both!
How can I find the best deal?
What are you waiting for?
There’s simply no reason to stay with the same bank and miss out on much better deals.
If you want to switch then you can used comparison sites like MoneySuperMarket to find the account best suited to you.