Shop Around For The Best Current Account

When it comes to bank accounts, many of us are guilty of sticking with the same old bank we’ve used for years and can’t be bothered to look around for better rates. But this apathy can cost us dear.

I have to admit to still being stuck with the same bank I have used since my childhood (I was probably lured by the offer of a free radio for opening an account, or something like that) – despite never being blown away by either the service provided or the products on offer. But I think I’m going to have to change that.

A recent report by Which? suggests that we could lose out by as much as £400 a year by sticking with the same bank, and although 35% of us would say we are annoyed with our banks, only 20% have switched in the past two years.

Many of us believe that the process of switching could be long-winded and confusing, yet apparently this is not the case (all direct debits and standing orders should be switched for you by the banks). And with the multitude of financial comparison websites that are now available it should be reasonably easy to choose a new bank paying a reasonable rate of interest.

In our lifetime, Britons waste £12,000 on unnecessary bank charges, so it’s definitely worth getting off your backside to do something about it!

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