Switch your current account if you’re unhappy, experts say

If you’re unhappy with the current account you’ve got at the moment, don’t simply leave your money to languish there, as experts say that you should switch providers if you feel the need.

It used to be quite a chore to switch a current account in days past, as there were no methods set up between banking providers that facilitated such an event.  Sometimes you even had to withdraw all your funds into cash before walking to the branch of your new provider and opening an account, but thankfully you no longer have to resort to such primitive measures.

However, before you begin the transfer process, experts say you should sit down and take a long, hard look at the current account you already have in order to compare it to the offers made by your bank’s competitors.  Keep in mind several things while comparing accounts, such as your financial needs and your prospective new provider’s customer service reputation, before taking the plunge – and don’t neglect things like interest rates, overdraft facilities, and other fees and charges you may incur for taking out and maintaining such an account.

Finally, before applying for your new account, make sure you qualify or that you can comply with the account’s terms.  Some will require you to make a minimum deposit in order to open the account, while others will need a monthly minimum in order to keep yourself eligible for rewards or features associated with the account, so ensure that you’ll be able to meet these criteria going forward.

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