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Shop around before switching basic bank accounts

Published on 5 August 2017 in Multi - News by Raffick Marday

Switching Bank Accounts

Compare bank accounts shop around before switching accounts

47% of consumers have never considered switching their bank account and even less monitor the competitiveness of their existing high street banking provider.

The top reason for consumers switching a bank account is completely down to bad experiences or poor customer service. Banks have no real reason to offer any incentives for people to switch accounts.

But due to the credit crunch this is now changing how consumers think, and are now proactively seeking better deals, not only just on price but also the quality of the service offered. This has now made banks become more competitive and is driving banks to offer better deals and more value for money. With more and more consumers willing to switch or compare bank accounts offered this is driving banks to become more competitive.

Top 10 Switching Bank Accounts

It is relatively complicated for you to monitor the actual cost of your bank accounts in relation to interest forgone and the expected value of fees. Consumers need a transparent comparison of offers between accounts and banks so they can make an informed choice on whom to use.

Compare Bank Accounts hope to change all this by offering transparent information on the key fee elements of an account so that you can see visible benefits for switching, as some of the actual benefits can be substantial.

So what is stopping people from changing to a different bank account? One of the main reasons is that 45 percent of people are ‘not very’, or ‘not at all’, confident that the process would go smoothly if they were to switch bank accounts. And an astonishing Twenty-eight percent of consumers that did switch accounts reported some kind of problem.

So why would I Switch?

If you have a significant bank credit or debit balances or you are who persistently incur insufficient funds charges then you potentially are going to benefit from this the most by switching their bank accounts. Check their procedures for switching bank accounts and what guarantees you are offered if things do not run smoothly and in addition how you are going to be personally compensated for the inconvenience.

By switching bank accounts this forces banks to reform their outdated customer service policies and forces banks to spend more time servicing existing and new customers know that it will cost them when things go wrong. Remember you are paying for a service and a bank will charge you if you go overdrawn.

Without consumers willing to switch accounts and actually doing so banks have little incentive to update policies or offer better terms on bank accounts. This will then reduce the actual and perceived barriers to switching accounts make banks spend more on customer services and cause vigorous competition for banks to promote new innovation offers and services on banking products where the consumers will see an improved service and additional benefits they never saw before.

Check Before Changing Bank Accounts?

• Know how much you will effectively pay in bank fees;

• Know what individual elements you are going to be charged for before or after they are incurred.

• Incentive for keeping your account in credit and Interest gave;

• Any charges and fees for insufficient funds and interest.

• Could you earn more interest on your current account or paying it into a savings account higher or high-interest account?

• Any charges for switching between suppliers, including moving direct debits, any administrative charges.

• Timescale and downtime when switching accounts,

• Compensation for unpaid items or inconvenience.

• Incentives for switching current accounts.

• Incentives and offers for keeping your current accounts;

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