UK Money News
2nd April 2008
Moneysupermarket.com: Look for banks which manage account switch smoothly
Consumers considering changing their current account provider should seek out banks which pledge to manage the switch, a leading price comparison site has advised.
According to Kevin Mountford, head of savings at Moneysupermarket.com, switching account provider is a more complicated process than might be expected and could potentially be stressful for the consumer.
However, this can be avoided by opting for a firm which makes "the right promises in terms of the switching process", he claims.
In particular consumers should look out for those which use "a dedicated team" to manage the switch and which provide a free overdraft to cover you should they make any mistakes with direct debits".
Other recommendations made by Mr Mountford include looking beyond the headline rate offered by the provider and instead considering whether "the product which you choose is right for your circumstances".
He added: "[For example] if you need an overdraft make sure the overdraft terms are right as well as potential in credit interest terms."
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