Current accounts are all the same so why should I bother to switch?

Answer 1

Better interest rates, other services (I get legal advice and travel insurance with my Natwest Gold account). Shop around, you'll find something that'll take your fancy.

Answer 2

They're more or less the same and switching is a bother as you have to change standing orders and direct debits and inform your employer of your new account. It's always worrying that you might not get paid for one month.
The time to think of switching is maybe when you're changing job but don't close your old account. My personal account is still the one I opened when I was 18, although I switched twice since then both those accounts are now closed.
Another reason for not switching is that bank staff sometimes need to be reminded that you've been with the bank longer than they have.

Answer 3

There are a range of reasons- interest rates, customer service, overdraft limits etc,

A good source of advice that clearly explains the differences is the Money Saving Expert:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1109610116,88950,

But ulitmately it's up to you because it depends what you want from an account. Banks rely on lethargy to keep customers and work on the belief that once they have someone as a customer they are unlikely to go elsewhere (this is why they are so keen to get students to sign up with them). Therefore they have no real incentive to offer you much above the average once you are with them.

Incidentally current accounts for which you pay a charge are rarely worth the money because most people only use a few of the 'perks' amd they are often not as good quality a product as if you bought the product yourself e.g. travel insurance.

Answer 4

Some banks charge more for their services than others, check out charges everytime...some banks pay a lot more interest on account balances than others so you make a bit too. Like everything current accounts (or checking accounts to our American readers) are a commodity. In order to get the best deal you should shop around. I do the same thing with credit cards. There is no need to pay any interest on the money you owe them if you do your research and take up interest free deals.

Answer 5

Sometimes the bank will offer you a better deal. Some current accounts now offer interest. If you have £1,000 going in to your account each month and you want to save regularly. Then Barclays will offer you an interest rate of 10% on regular savings for a limited period - transfered from your current account. Every little helps....

Answer 6

because then you get to pay the new bank all the charges instead. and they get to sit on your money for a week earning interest before it clears into your account.

WHY ELSE do you think they want you to switch. There will always be something about a particular account that will be better than another, but at the end of the day find a bank your happy with, woh respond to your queries in a realistic manner and then stick with them. it works out in the long run.

Answer 7

Because you cant have a switch card with some current accounts.And if you are a long term customer, some banks upgrade you to a better account and have better deals with savings, Isa's accounts.

Answer 8

No they're not all the same.

I changed my account from Halifax to Nationwide and it was the best thing I've ever done for my money. Halifax once charged me £120 for going over my overdraft limit! With the Nationwide, whenever I've gone over, they've just given me an automatic extension on my overdraft instead of charging me! Fantastic. They treat me so differently to the way Halifax did. They gave me the benefit of the doubt whever there was a payment issue. They actually look out for me rather then for their profits. The difference is they're a building society and in my experience, they're so much better for customers than banks.

Answer 9

ok so you think they are the same, try to compare for example, Barclays give you interest on any money in your current account, where as Nat West dont, there are others similar, others offer your current account to be part of your mortgage and thus when your salary goes in lots comes of your mortgage until you draw in it and it goes up again, however you save on the interest for while. So theres lots of differences you must pick one to suit your circumstance. I am greedy I have three different ones but only one pay interest...

Answer 10

Because their is different accounts and differnet packages that banks offer with the rbs the better the package the better intrest rate you get for your loans mortages savings accounts and investment thats why it is best to book an appoitment with them to see what they offer also with the different accounts you can get free travel insurance for your family and house and building contents insurance free with a free 24hr call out these are just small benifits you get with current accounts with the rbs so thats why its better to shop about and see whos offering you the best for your money.

Answer 11

Rate of interest or any other benefits the bank can offer such as good rate on a loan/mortgage etc, if they charge for an overdraft. Or if your local branch closes and you have to travel to the next town to do any transactions.

If there's no difference then don't change, nobody said you should.