Many people will swap banks from time to time and this might make you think that you ought to look into doing the same. It is good to start by thinking about the reasons why you might want to swap though and then you will be able to work out whether there are better options out there for you.
Most people will take out a current account with their main bank and so if you are thinking of swapping this could be your main focus. It is important to think about what you will be looking for in a current account. It could be that you use an overdraft a lot and if you do, then you need to be careful to make sure that the rate is a good one. You will need to see how the interest rate compares to other banks. If you do not use the overdraft then this might not be so important to you but you might find things like interest on current accounts, option of paying a fee and getting benefits and other features important instead. Consider what you are getting now and whether you would like the same or whether you would like more.
Many people like to have a good customer service with their bank. However, what they feel is good can differ. Some people like to be able to speak to someone on the phone, ithers online and some face to face, so this will make a difference as different banks will offer different services. They will also differ in how quickly they respond and how polite and friendly they are so this is worth bearing in mind if these things are important to you.
It is also good to think about what other products they offer alongside the current account. Although we may very well take out products form other banks, we will often use a credit card and have a savings account with out main bank and may also use it for borrowing. Therefore, it is a good idea to think about what they might have available for you to use and whether it looks competitive with regards to interest rates and features, compared to what you are getting now and what other banks are offering.
Some people like to be able to go and speak to their bank. They like to go to a branch and deal with someone face to face. Other people like to be able to telephone someone and discuss things that way. It is also possible that you might just want to deal online as many people like banking apps and online banking these days due to the convenience. It is good to think about what might work best for you and see whether any bank that you are swapping to might be offering what you want.
It can be a big decision to make. This is because you will have to switch all of your direct debits, standing orders and payments that come in to a different bank. Although the bank should help with this, there is a risk that it might not go to plan and you will need to keep careful track to make sure that everything gets paid when it needs to be. However, it is wise not to let that hold you back if you can gain a lot by changing to a different bank. You could benefit financially but also you could get a better service as well, so it could be really worthwhile and so is well worth considering.