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With so many of life’s activities, memberships, subscriptions and payments flowing through our banks each month, it’s easy to see why some are put off by the prospect of swapping all of these over to a new current account.
Whilst this concern might have been valid a decade ago, today things are very different. An account switch will largely be handled behind the scenes by current bank and new bank, meaning you’ll only have to spend a few minutes searching for a new account provider before completing your switch.
There are even some great rewards on offer just for switching accounts such as cash payments, discounted financial products and much, much more.
Let’s take a closer look at what can be gained from switching your account to a new provider, the top switch accounts on offer and how you can complete this simple process today.
Contents
Why Switch Bank Accounts?
It’s common practice for people to regularly review their insurances, credit cards and loan, but when was the last time you reviewed your bank account? Whether you’re looking for additional current account features, more rewarding interest rates for your savings or flexible borrowing options, switching bank accounts can reap fantastic rewards with very little overall effort.
As challenger banks continue to whittle away at the dominance of the big four high street banks, it’s now easier than ever before to switch accounts without having to manually move all of your banking activities.
In fact, many banks as part of the current account switch scheme even offer cash, no strings attached, as a reward for switching. Take a look at the individual terms of each account before applying.
What Is the 7 Day Switch And How Does It Work?
The 7 day bank account switch has revolutionised the way that people move from one banking services provider to another. Rather than having to individually move every direct debit to a new sort code and account number, transfer your balance and arrange a new overdraft facility, everything will be done by the banks in question on your behalf.
The major issue used to be missing direct debits and regular payments which would result in unwanted and unnecessary bank charges. This is now a thing of the past as the banks will take on all of this responsibility instead.
The simple 7 day switch service takes just a few minutes to sign up to and, as the name suggests, all of your banking facilities can be moved to a new account in just seven days.
So far, more than 40 banks and financial institutions are a part of this 7 day switch guarantee scheme and more than 4 million customers have already taken advantage of this service.
Quick FAQs About Switch Bank Accounts
Can I Keep My Overdraft When I Switch Current Accounts?
Yes, however your new bank will make their own assessment of your financial circumstances and creditworthiness to determine your limit. You’ll find out your new limit before you confirm your final switch, meaning you’ll have all the information at your disposal to make an informed, educated decision.
Will I Be Charged For Switching Current Accounts?
No! In fact, the guarantee means that any interest or charges that you incur will actually be refunded to you if anything goes wrong. This free service is there to help ensure the whole changeover is as quick and convenient as possible without putting you at a financial disadvantage.
What Happens To Payments Made To My Old Account?
These will be automatically sent to your new account for the first 13 months meaning you won’t be under pressure to ensure that everyone who pays you has your new bank details straight away.
What’s more is that anyone transferring cash to your old account will be sent your new account details, helping to avoid any payment issues in the future.
Top 3 Switch Accounts 2019
Switching current accounts is now commonplace in the UK banking market, but more and more banks are being added all the time to the growing list of participants. Here’s a look at the top 3 switch bank accounts in 2019.
- Starling Bank
Starling Bank was formed by the same pioneers who introduced same day payments to the UK market 30 years ago and they haven’t stopped innovating since. Passionate about simple, transparent banking, Starling are one of the most popular switch accounts of 2019 so far.
| Pros | Cons |
| No account fees for from Starling Bank | Hefty fees to replace lost cards |
| Instant notifications through mobile app | |
| Create an account in minutes online |
- N26
As one of the first challenger banks to operate an exclusively app-based banking service, this rapidly growing bank has seen unprecedented numbers flocking to switch bank accounts to them over the past five years.
| Pros | Cons |
| Free spending whilst abroad | No dedicated customer support services on free account |
| Instant spending notifications through your mobile app | |
| Three fantastic account options to choose from |
- Monzo
Monzo are without a doubt one of the largest and most recognisable challenger banks on the market which has seen streams of customers switching current accounts to Monzo online.
| Pros | Cons |
| A plethora of features including Salary Sorter and Savings Pots | Fixed spending and withdrawal limits on some accounts |
| Compatible with Apple Pay | Deposit restrictions in place on free account |
| Credit options available including generous loans and overdraft limits |