Be a savvy banker and reap rewards from switching your current account

Following the announcement of the Current Account Switch Service's launch date of 16 September, two-in-five people believe they will switch their current account as a result, and 11 per cent will do so for the very first time, according to a poll from MoneySuperMarket.
 
The comparison website asked consumers whether the fact that they will be able to change their bank account in just seven days will prompt them to make the move. The poll of 1,750 MoneySuperMarket site users reveals 42 per cent will now be more inclined to switch, with a quarter (26 per cent) saying they will do so if there is a better deal available, and one in ten (11 per cent) will switch for the first time. Of those, a savvy five per cent keep tabs on the market and state that they switch regularly, and so this guarantee will make it easier. Of those who do not plan to switch their bank account when the Current Account Switch Guarantee comes into force on 16 September, two fifths (39 per cent) are satisfied customers, stating the reason for this is because they are happy with their existing current account deal.
 
However, some people still need to be convinced that the Current Account Switch Service will really help their situation, with eight per cent claiming that the process still seems like too much hassle. Furthermore, one in ten (nine per cent) will also not be switching as they believe that "all banks are the same." This is despite the fact that numerous banks have been making enhancements and upping the ante on their offerings ahead of the new service coming live. For example, First Direct has increased its current account switching cashback offer to £125, while Halifax is offering £100 to switch but you have to close your previous account to qualify.
 
Kevin Mountford, Head of Banking at MoneySuperMarket.com, said: "The launch of the Current Account Switching Guarantee is good news for consumers with the process becoming even more streamlined than before. It's great to see that two in five plan to take advantage of the new switching rules, and even better that one in ten will be switching for the very first time.
 
"The new rules will make it far easier to switch accounts, with the full switch taking place within seven working days of the account being approved. All regular payments to and from your old account will be automatically moved to the new account, and this will happen for a period of 13 months, enough time to make sure even annual payments such as subscriptions aren't forgotten.
 
"Although many people are satisfied with their current account as it stands, it is still always worthwhile keeping an eye out on what is available on the market. A current account can be a drain on your finances if you are not on the deal most suited to your needs, particularly if you utilise an overdraft facility. There is a real array of options out there, so there should be something to please everyone, and no one should be paying over the odds. Using a comparison website will help you browse the different products which are available quickly and easily."