Switching Savings Accounts

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Switching Savings Accounts

Sticking with the same bank is a sign of loyalty, but it is also a sign that you could be missing out on a load of great deals elsewhere on the market.

They should be considered if you feel another account could provide you with more benefits.

For example, you might want to change accounts because the great introductory offer that convinced you to open your account is no longer available to you.

However, some accounts will impose a penalty for moving your savings, or will reduce the rate at which your annual interest is paid if the account hasn’t matured, so check first before making a switch.

Switching should also be relatively straightforward and should only really take a couple of days, but remember to always double-check and compare the terms and conditions on your current savings account with the one you want to switch to.

Switching Accounts: Reminders

• Always be sure to pay off your debts before you begin to save, as the interest you pay to credit card and loan companies will far exceed what your savings will earn you.
• Write up a decent and reasonable budget - don’t tie yourself down by trying to save more than you can afford.
• When you open an account you must fully understand the terms and conditions and be aware of any changes to the account such as the rate of interest paid.
• Shop around! Use the internet as well as the high street to look for the most suitable deals. Some internet-only bank accounts offer some of the highest interest rates, but be sure to sign up with a reputable provider.