Switching bank account providers: What are the benefits
If you are currently in the process of switching bank accounts, you will no doubt agree the internet is a resource that has made this process easier over the years. The web has given consumers the opportunity to seek out products of all kinds that are tailored to their individual needs - and this is absolutely applicable to banking facilities.
But whether you're switching bank account to take advantage of online facilities or more traditional services, there comes a time when everyone might need a little bit more from their provider than they've been used to. If, for example, you decide to arrange an overdraft, this might be an option that's not available through your current bank - which could make switching your old account for an upgrade a somewhat obvious move. In addition, changing to an account that does offer an arranged overdraft will allow you to manage the transfers of your direct debits without the worry of the charges for going into the red.
Of course, there are a number of other facilities your provider might not currently offer you, so comparing bank accounts online should reveal many features like 24-hour internet banking, access to your account over the telephone, worldwide travel insurance, airport lounge access, car breakdown cover or mobile phone insurance that are attractive. For this level of service, you might find some banks charge a monthly fee, but it really comes down to how essential you believe these extras are.
As the internet is now something that is both familiar and accessible to many, it could be argued that switching bank accounts is now a decision more people are comfortable with. In fact, a study published by Which? In January 2010 pointed out that 68 per cent of people in the UK said they would be happy to make the change if they felt the service they were receiving was inadequate. Therefore, if you currently have a standard account and are looking to take advantage of the many of the options listed above, it may prove much simpler than you think.
In December 2008, the European Banking Industry Committee announced the implementation of a new set of regulations entitled Common Principles for Bank Account Switching. These were designed to make things simpler for consumers by eliminating the extra costs and paperwork deemed to be unnecessary or prohibitive in allowing them to change providers. The rules mean that if you wish to make the change, your new bank will act as a primary contact point and offer assistance throughout the process, dealing with the old service provider in getting information, direct debits, standing orders and other data transferred as smoothly and rapidly as possible. There are, of course, still some documents you'll have to sign. But this has been reduced drastically since the principles came into effect - making shopping for a newer, better account a more attractive prospect than ever before.
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