Current accounts: When to switch
It's no longer necessary to choose a bank based on the location of its branches
When to switch
Current accounts are a necessary part of everyday life, but which account you end up choosing will largely depend on how you like to do your banking; by branch, telephone or online.
Some cheaper accounts are run exclusively over the internet, but plenty of good-value current accounts aren't internet-based.
Switching is hassle free
Don't let the hassle of switching put you off – you wouldn't accept 0.1% interest on your savings, so why do our high-street banks think you will on your current account?
A Which? survey found that 74% of those who'd made the leap to better banking found the switching process easy, including 32% who found it very easy.
If you tend to go overdrawn regularly, an account that doesn't charge fees and has a low interest rate on authorised overdrafts would probably suit you. But if you're always in credit, look for one that pays a good rate of interest on credit balances.
Phone and internet banking plus free access to nearly all cash machines mean it's no longer necessary to choose a current account on the basis of which branch is nearest and most convenient.
That's not to say switching will be completely hassle free – 46% experienced some inconvenience during the switching process, the biggest issue being problems with the companies their direct debits were set up with.