Thinking of switching bank accounts – 5 myths that could be stopping you

July 17, 2014 No Comments

Myth #1: There’s no point switching – all current accounts are the same

Reality: All current accounts have something different to offer. By considering all types of banks and building societies, you’ll most likely find something tailored to your specific needs. This could be an interest free overdraft, cashback or added extras such as breakdown cover, travel or mobile phone insurance.


Myth #2: I’ll have to reset all my Direct Debits

Reality: The current account Switch Guarantee Service will take care of your payments going out – Direct Debits and standing orders – as well as payments going in, such as your salary.


Myth #3: Being loyal pays

Reality: A bank often reserves its best deals for new customers. Introductory offers to lure in new customers can include top savings rates, 0% overdrafts and upfront cashback of up to £100.


Myth #4: I can’t switch because I have an overdraft

Reality: Overdrafts of under £1,000 are unlikely to prevent you switching. This varies between providers but it’s worth knowing where you stand.


Myth #5: It’s not worth the hassle

Reality: Switching your current account to a new one takes just 7 working days. The Switch Guarantee Service handles everything for you, and for added protection, for 13 months your old current account provider will automatically redirect any payments accidentally made to them to the new account.