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switching your current account

According to research over three million people will switch their current bank accounts in the next 12 months. It has now been made a lot easier to switch bank accounts, and there are strict guidelines about how fast banks should switch your accounts.

All you have to do is to approach your new bank and provide them with the details of your old bank account and they can do everything for you, such as moving and re-arranging your direct debits and standing orders for you within 3 days.

When approaching your new bank you just need to provide two forms of identification including proof of who you are and proof of where you live.

Over half of British adults (54%) hold their main current account with Lloyds TSB, Barclays, HSBC or NatWest and most get just 0.10% interest and could be paying authorized overdraft rates in excess of 18% AER.

But this does not mean you have to stick to a high street bank for your current account, as now a lot of building societies have some very competitive current accounts. They can provide you with everything you’d expect from a bank including overdrafts, cash cards, cheque books, but the main advantage is that a lot of building societies give a high interest rate on your current account.

But the right account for you depends on how you manage your money. Those who are regularly overdrawn need to look for low overdraft rates to minimise the interest charges they pay, while those who spend most of the time in credit should look for a good interest rate for balances.

Some accounts throw in extra freebies, such as car breakdown cover or free travel insurance. Usually there is a monthly fee for these packaged accounts so it is worth analysing which aspects of the package you really need or will use.

The Alliance & Leicester current account is worth looking at. The Alliance and Leicester current account also has a 10% savings account fixed for 12 months linked to it, but its current account is far more attractive.

 

The Alliance and Leicester Premier Direct Current Account pays around 5% AER on in-credit balances from £1 to £2,500, and the A&L account offers a 0% overdraft for the first 12 months and charges 5.9% APR for authorised and unauthorised overdrafts after that. The Alliance and Leicester current account also offers a switching service that promises to take the hassle out of transferring your current account.

The Alliance and Leicester Premier Direct Current Account has to be managed through Internet Banking, and the transaction history can be viewed online. A&L provide you with a 3 in 1 Visa Debit Card, £100 cheque guarantee and cash machine card, Access to all cash machines in the UK and all UK Post Office branches.

To get the most out of the Alliance and Leicester Premier Direct Current Account all you have to be is over 21 years old and make sure you deposit a minimum of £500 per month into the current account.

Related Sites of Interest

First Direct
Alliance and Leicester Premier Direct Current Account
Lloyds TSB Current Account
Smile Current Account