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Why you should switch bank accounts

sleeping catDo as I say not as I do is the kind of irritating phrase adults used to say when I was young. But it fits here. That’s because it totally makes sense to switch your bank account to get a better deal and free cash. Yet I have no intention of doing so. Here’s the sensible option – and why I won’t be following my own advice.

According to moneysavingexpert (see here) you can get £250 just for moving your bank account. It points out that switching is no longer difficult and that of those who have moved, 95% were happy with their transfer. The £250 figure comes for those switching to Clydesdale, Yorkshire Bank or the app-based B Account (all part of the same family). You have to switch online and have at least two direct debits and pay in £1,000 a month for two months. The bonus gets paid within 70 days. There are other (not onerous) rules to comply with, but otherwise, it looks like a winner.

Otherwise, there’s a £125 bonus if you move to First Direct via a moneysavingexpert link (£100 otherwise) and you can take out its linked savings account paying 5%. There are other deals too – check out the link above for more details.

So, free money. No hassle. Better savings rates too. So why aren’t I going to switch? The first reason is, of course, that I am undeniably lazy. And official figures suggest I’m not alone. Figures show that the number of people switching current accounts has fallen to a new low with 57,779 switching in September, the lowest figure seen since the seven day switching service was launched four years ago.

But the second reason (not unconnected with the first) is that even though I might not have the best bank account deal, I’m content where I am. I have had my account with the same bank since I was 18 and (touch wood) nothing has ever gone wrong. On the occasions I’ve had problems (when my account was targeted by fraudsters) the bank sorted it out quickly. And I got to speak to a real person. Had I more money then I guess I would be tempted to open another account if only to get the bonus. But otherwise, I will stay put: please, don’t do the same.

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Wednesday, 24 April 2019