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| Photo by Nick Pampoukidis on Unsplash |
After 35 years with HSBC (formally Midland Bank) my husband
and I have just switched our current account, in fact all our accounts, to
another provider. I have to admit that it was pretty daunting, we’ve been with
them a very long time and know how they work. The easiest thing would have been
to remain with HSBC for another 35 years, but to be frank we didn’t feel they
were valuing us and with a sudden change in interest rates for our savings and
a naff interaction with one of their personal bankers in the branch we felt it
was time to take our business elsewhere.
I suspect there are many people in the same situation as us,
wondering if there is something better out there but avoiding thinking about
it, as moving a current account feels pretty big and scary. Who wants to set up
all those standing orders, direct debits, and transfer details again?
Great news, you don’t have to. Banks and building societies
in the UK make it very easy for you to switch your current account. You might
have switched one of your utilities in recent years using a switch service and
it is almost as easy as that! Take a look on the Current Account Switch website and see if your current bank or building society is signed up to the guarantee and thus making it easy. At a glance it looked like it was all the big high street ones I know.
Our move was from HSBC to Nationwide and this gave us and a
friend a £100 welcome bonus each as they recommended us. It also means we are
now part of the Nationwide Building Society and we get members rights, such as
preferential savings rates. Another factor for us is that the Nationwide is the
only bank or building society that still has a branch in our local town. All
the others are closing theirs and moving away from personal service, but I can
still bank a cheque or get an appointment when I need one and Nationwide have made a commitment to keep their high street branches open.
I'm not here to sell Nationwide to you though this isn't a sponsored post, I just thought it would be good to share my experience and reassure others how easy this process can be. Remember that you have to switch your account to one with the same holders name and a joint account cannot become a single one, and vice versa.
I'm not here to sell Nationwide to you though this isn't a sponsored post, I just thought it would be good to share my experience and reassure others how easy this process can be. Remember that you have to switch your account to one with the same holders name and a joint account cannot become a single one, and vice versa.