SWITCH IT UP

IT ALL ADDS UP: Switching banks can make good financial sense

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IT ALL ADDS UP: Switching banks can make good financial sense

ALTHOUGH millions of people stick with the same bank for many years, that loyalty often goes unrewarded.

Other important considerations when you're thinking of switching are, of course, lower overdraft fees, and better savings interest rates.

After finding the right account and checking you can switch, CASS says you can request the switch, allowing seven working days for it to be completed. All your regular payments in and out will be transferred automatically to your new account, and CASS says you can switch even if you have an overdraft, although this needs to be agreed with your new bank or building society.

"CASS has made it a lot easier for customers to switch current accounts securely and with confidence," says Peter.

What features should you look for in a bank account?

Sam says there are an increasing range of perks available among free accounts, with some of the best offering benefits like fee-free foreign spending, cashback, or tools to roundup spending and add it to a high-interest savings pot.