Contrary to common myth it’s actually quite simple to switch to another bank and ditch your lacklustre current account. Here we debunk some of the doubts people often have about switching.
It’s not true that all accounts give more or less the same deal, though our reluctance to shop about does mean that there is less competition generally. Some accounts will actually give you money for making the switch, like Santander or First Direct which will give a cool £100 for changing over.
Being overdrawn has historically always been an obstacle, but now many providers will match your overdraft when you make that change.
Banks also have a duty to help you transfer direct debits and standing orders. Once you let your new bank know that you want to switch, they will contact your old bank who will have three days to give details of all standing orders and direct debits. Then all you need to do is to sign the necessary paperwork.