5 current account switching myths - busted!

Think you've got your reasons for not switching current accounts? Here's the top 5 myths busted...

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Many people think it will take ages to switch current accounts, but it won't. The banks have got together and sorted out their act and now it will take just 7 working days to change from your old bank to your new one.

It’ll be a hassle!

It’s not going to be a hassle, what you do is find a bank you want to move to and tell them you want to move to them and they will do the rest.

It’ll mess up my payments!

Now it is understandable that people worry about that sort of thing and they also worry about their salary getting paid into their account as it should be paid as it should be and they worried about getting charged interest if things go wrong. But you don’t have to worry about that because that is all part of the guarantee that the banks make, everything will be sorted out and if it isn’t then the bank will compensate you for any financial loss that you suffer.

I’ll lose money paid into my old account!

Your new bank will monitor your old account for 13 months and if any money goes into that old account by mistake it will make sure it is funnelled through to your new account and you won’t suffer any loss. And it will also contact anybody who is paying money into your old account and make sure they start paying it into the new one.

I can’t switch if I am overdrawn!

The good news is that people who are overdrawn can still switch and can still take advantage of the switching guarantee. But the terms and conditions vary from bank to bank, so once you have found an account that you like, check the details with regard to your overdraft before you proceed.

There is no benefit to switching!

There are benefits to switching, for example you can get a cash incentive that is money in your hand just for making the switch, you can earn a better rate of interest and you can get cashback on your spending.

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