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Unhappy with your bank? Here’s what you can do

Moving bank takes just seven days, and you could be better off as a result.

Through the rough and the smooth of life, one constant is that many still have the same bank account they opened when we were young. You might ask what’s wrong with that.

Well, if you aren’t getting anything in return for your loyalty or if you’re actually getting bad service, then it’s a completely one-way relationship. And it doesn’t have to be. In both these situations, you can take advantage of a number of offers and deals if you switch bank.

What types of offers are available for bank switching?

There are a number of incentives to encourage you to move your banking. Some banks offer interest rates of 3% or 5%, much higher than you can get in normal savings accounts. Others provide cashback on bills or purchases. You can even pick up freebies, vouchers and cash bonuses worth as much as £185.

These all sounds good – and they’re all great ways to boost your income a little over the year. To get some of these offers you might need to pay in your salary each month, or have a set number of Direct Debits paid out – so do check those terms and conditions.

However, these extras might not be the best reason for picking your new bank. It might be more important to choose a bank which suits how you spend. That could be one with an interest-free overdraft, or at least lower fees if you do go overdrawn. Sometimes it’s good to have a physical branch near where you live or work so you can visit if things go wrong.

Switching might also not be the best thing for you. You need to consider if there are other products you have with a bank, such as a mortgage or credit card which require you to have a linked bank account.

How does bank switching work?

Bank switching is actually very easy. When you find the bank you want to move to check that it’s signed up to the Current Account Switching Guarantee. If it is, you simply need to apply for a new account.

As part of this process you’ll be able to select a full switch. This will close your old account, and transfer not just the cash you hold in your bank, but also all your Direct Debits and standing orders.

This is a free service and should be complete in seven working days, though you can choose a later date if you want. You’ll get a new account number and sort code, but nothing else should change for you.

Future inward payments will also be monitored and automatically redirected to your new account, as well as have the payer notified of your new details.

And in the unlikely event that something goes wrong, you’ll be covered under the guarantee for any bank charges incurred.

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  • Carole Smith / 2 August 2018

    I have just applied for a mortgage with the Coventry building society only to be declined on the grounds of our income is made up of disability related benefits, which by the way are secured by the DWP for longer than the fixed rate applied for.

    We have a fantastic LTV of 21% borrowing on a property worth in the region of £175000, perfect credit rating and even have some savings. As our repayments are under £250 per month, we could not rent one room for that let alone a large 4 bed house in a good sea-side area.

    From what your site states about this matter, the Coventry should not be turning us down on this basis. Am I right and if so, can I take this to the equality commission?

  • steven from bramley / 4 May 2018

    Hi y'all! Love your site! Just a quick query your facilitys are a pile or sh*t