When it comes to switching bank accounts there are a host of things you will want to consider and it can be difficult to know where to start.
Why switch bank accounts?
There can be many reasons to make a change to your bank account.
Perhaps you are looking to change accounts because you are recently married, or maybe you have started a business, perhaps you are looking to make some great savings? Or perhaps you are fed up with your bank and want a whole new account somewhere else. I
haven’t changed banks since I was 15 (and I am now 50) but my tax advisor has just suggested I do because she thinks it would work better for me.
I felt a bit scared initially about making that move and haven’t quite made the leap yet. I decided to do a little more investigating first
I think we often stay with what we have because change can make us nervous, especially when it comes to money. So, as with anything to do with finances, the best thing we can do is educate ourselves so we can make clear, appropriate choices If, after careful consideration, you do decide to switch bank accounts then it doesn’t actually have to be complicated at all. I was surprised how little actual effort needs to be involved.
Is switching accounts complicated?
Well, it depends which bank you use but at HSBC, for example, the process is so smooth and your involvement is minimal.
You simply tell them your old bank details and when you want to switch. All your payments are then moved automatically including standing orders, salary, direct debits, etc. They send you text alerts to let you know when it is all sorted out AND within 7 days the switch will be complete.
Lots of questions?
Do take a look at these FAQ’s if you are thinking about switching current accounts
You might wonder about having an overdraft, or whether or not you can keep your old account open. Maybe you are wanting to check eligibility or perhaps you need to tidy up your old account before switching.
A clean sweep
I put aside an hour to have a good look at my current account before moving it and I was a bit shocked to find I was paying for a magazine subscription no-one read any more and a social media promotion subscription that I had not accessed in about a year. What a complete waste of money and it would have so silly to take these direct debits forward with me in the process of switching accounts.
I was so glad that I had taken the time to do this clean sweep before I had initiated an account move. It was a very lucrative hour of my time!
I would always recommend to anyone that once a month, at least, you should check your bank account is in order anyway and that no payments are going out that shouldn’t be. I certainly wish that I had checked mine sooner.
I now feel that I am ready to make that switch and feel reassured the process will be smooth.
Switching bank accounts is a collaborative post