How easy is it to change current accounts?
From September 2013 new guidelines have required banks to transfer accounts seamlessly within seven days. The new bank may offer a free overdraft facility while changeover occurs and for most people the transfer goes smoothly, although it may take time for all the new cards, cheque books, Pins and online passwords to arriveSean Davies, Gocompare.com
Seven-day Current Account Switch Guarantee
The September 2013 guaranteed switching service is great news for bank and building society customers and hopefully a wake-up call to the industry. Shop around for the best bank account for you and don't be swayed by a few free quid here or there - but don't be afraid to switch, the guarantees should make the process easy and hassle freeMatt Sanders, Gocompare.com
How do I choose a current account?
There are lots of different types of bank account. Think about how you use your account and find the one that works best for you. The wrong account can cost you a fortune in interest and charges, so don't be swayed by freebies or special offersFelicity Hannah, personal finance journalist
Where can I get the best freebies?
Although the idea of a new MP3 player or money-off vouchers at high-street stores can seem like a great idea, you shouldn't choose an account on the amount of freebies you get. Make sure that the account is convenient for youGovernment guidance
Keep up with technology
Sign up for online banking and text alerts. Having access to your account around the clock can help you keep track of your moneyKristian Dando, Gocompare.com
Why choose Gocompare.com's current account comparison service?
With the help of our partners LoveMoney you can quickly and easily compare rates on current accounts and their overdraft facilities, plus consider the additional benefits that are available with some products.
Comparing and switching bank accounts is a quick and straightforward process that can have major financial benefits - find out more in our guides
Should you click through to our comparison service, a simple-to-understand best-buy table will present details of the account provider, the credit rate (AER), overdraft rate, overdraft features and any other benefits. You can narrow down your search by looking at basic products or accounts focused on high interest, packages, overdrafts or students. When you see an account you like the look of, there's the option of clicking the tab for more detailed product information, or of applying online.
Misconceptions on how difficult it is to switch current accounts may have played a part in research by the Co-op that suggests people are more likely to change the football team they support than their bank. In reality, the process is straightforward, with strict banking guidelines to ensure a reasonable timescale. FCA guidelines that came into place in September 2013 require banks to transfer your account seamlessly in seven days. Your new bank will even take care of any direct debit details.
Your current account is the financial product you use most often, whether it's paying bills, withdrawing cash or getting paid. It's important you find the right one for your needs, so try our current account guides, where you'll also find the answers to frequently asked questions.
You can read more information on switching and on the different types of account available, including basic, packaged, high interest, overdraft, student, graduate, children's and cashback.
Did you know...?
- 38% of UK consumers have never switched bank accounts