Okay, today I’m going to float something at you which may sound CRAZY-INSANE. But just hear me out…
How long have you had your current account for? Is it the same one you opened when you were like 16?
Have you thought about changing your current account?
A surprisingly number of my friends have had only one current account in their whole lives. And for most of them, it’s the longest relationship they’ve ever been in.
And, as with most long-term relationships, some of the main reasons for not leaving your account:
1) You’re not completely happy with your current account but you don’t know if you’ll find a better one out there
2) You can’t imagine life without it, it’s all you’ve known and change is scary!
3) The hassle of breaking up with your current account and moving your stuff around is lonnnng.
Well, as your resident Makeup & Money expert – let’s address those concerns shall we?
1) My current account is a bit rubbish but I don’t know what other options I have..
Have you been given stupid charges when it wasn’t your fault, despite having been with your provider for years? Do you have issues trying to call people to get statements and cards sent to the right place? Is your local branch always closed when you need it to be open?
These days, current accounts are evolving. There are lots of exciting benefits and options being offered in order to get people to join that bank.
So now – you CAN get an overdraft for when you accidentally exceed your balance by like, £2. You CAN earn interest on balances in your current account. You CAN contact your bank at any time of your choosing.
I’m not here to sell any in particular so I’m not mentioning any names but do your research, read the adverts you see on public transport and you can get stuff like an interest-free £500 overdraft with no charges, a free railcard, mobile apps to do your banking 24-7, UK only call-centres or even cashback on purchases you make..
2) I’ve had this current account since I was young, why should I move?
Of course you don’t have to move. But, as all my fave cheesy Instagram photos say: the only constant in life is change, and you could really be missing out on some sweet deals.
If you could buy the same pair of shoes, but get £5 off them in the shop next door, why wouldn’t you think about going there intead? Now that’s an analogy that the girl-in-the-green-scarf would be proud of..
You could be earning lots of rewards for doing the same thing you normally do, spending however much you normally spend – just with a different bank.
3) I’ve got a million direct debits – I cant be bothered to redirect them cos I have things to do, like sleeping.
Good news. As of last month, there’s a new account switching service that a lot of the big banks have signed up to. It means that switching accounts now only takes a week when it used to take up to a month!
And I’ve done this myself.
What happened? Well my new bank contacted my ex-bank to get a list of all the direct debits I had. They then called me to confirm which ones I wanted to transfer to them or leave. And then boom, within a week, everything had been transferred and they called again in a month’s time to confirm that everything had all worked. AND, they gave me £100 just for switching to them. How lovely!
So if you’re not 100% happy in your current account relationship – call it off and get on the rebound!
It’s not all hassle and heartbreak. There could be lots of great looking current accounts there who give you the respect and the time you deserve. Being smart with your money doesn’t have to be hard.
How long have you and your current account been together? The average time is apparently 26 years!
Have you ever considered changing your current account? If not – why not? Is it the hassle, or are you just not fussed about changing?
Are you happy with YOUR bank?