Are there any implications with switching bank accounts?
Of course, switching bank accounts can come with some consequences. Just because you can switch accounts easily, that doesn’t necessarily make it free. Any charges you incur for example missed payments will be covered by the bank. Your previous bank will redirect your payments to your new bank account to try and ensure ‘missed payments’ are avoided – this is often known as the payment redirect service. It is often in place for 36 months but you should check your BACs payments and the bank requirements to ensure you don’t miss any vital information.
Make sure you check everything carefully before making the jump, because you might find you lose a lot of benefits with your former bank.Make sure you are aware of the fees and charges in advance.
You may find that as a new customer to the bank which you have transferred to, you are not yet able to acquire all of their services. This is just another good reason to make sure you do your due diligence before signing up.
There could be problems with direct debits and even getting paid from your employer in the first month, so be sure to make plans just in case your account isn’t up and running in time and that you have covered all your bases.
Whilst we have touched upon some of the risks associated with changing banks, you can source some fantastic incentives and protect yourself by taking the time to review your decision. Banks are competing for your business, so let them work a little harder and provide you with more benefits.
You can compare some of the leading industry names in our comparison tables. You’ll just need to work out what level of service and benefits you want from an account and we’ll do the rest for you. So get comparing and see how much you could save!