Bank Accounts: Is It Worth Switching?

Photo credit: flickr.com

Many people will stay with the same bank or even the same specific account for the majority of their adult lives, without ever bothering to see what else is out there. If this was out of complete customer satisfaction, it would not be an issue. Given however that for most, it’s more a case of not knowing how or where to switch, or feeling overwhelmed by the options available, it becomes a much more important problem.

The good news is that the process is becoming ever easier, particularly with initiatives like the free TSB 7-day switching system, which aims to make the transition as smooth and hassle-free as possible. So, how does it work?

• You choose the date you want the switch to happen. This can be when you first apply for a TSB account, or at any time thereafter.
• You simply provide the details of the account you want to switch from, such as the sort code, account number and debit card number.
• A team at TSB then handle the transfer of all your payments, direct debits and standing orders, keeping you updated via text alerts.
• For 36 months following the switch, any payments to or from your old account will automatically be redirected to your new one.

The entire process is handled in stages and should be complete within seven days. For a more intricate breakdown of the timeframe involved, you can get information from TSB’s website.

Knowing that the process no longer has to come with unwanted stress or fuss, you may ask why it’s worth actually bothering in the first place. There are many reasons why we should consider switching bank account, including:

• Staying up to date with the best interest rates and deals.
• Finding lower charges and fees.
• Benefitting from introductory perks or bonuses often only available to new customers.
• Your new bank takes care of all the leg work, so you don’t need to worry about awkward conversations with your old bank, or feeling pressured into staying when you no longer want to.
• Modern accounts generally offer the very best online and mobile services, so you can work with your finances on the go, at your convenience.

With so many different types of accounts and services out there, we now have more choice than ever when it comes to banking. With that said, it’s entirely unnecessary to continue to stay where we aren’t happy, especially given how easy the switch can actually be.