| |
Major Site Upgrade in Progress |
 |
|
 |
|
Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
|
|
|
 |
|
 |
|
 Posted: Sat Apr 21, 2007 5:39 am Post subject: Switching Your Bank Current Account pays – Moneyfacts.co.uk |
 |
|
|
 |
|
 |
|
|
|
|
Switching Your Bank Current Account pays – Moneyfacts.co.uk experts practice what they preach
Michelle Slade, personal finance analyst at moneyfacts.co.uk – the money search engine, comments: “If you don’t trust your bank, or feel it is not offering you the best customer service, products or rates then why not vote with your feet and switch providers?
“The current account war shows little sign of abating, with several providers battling to offer the best current account rates and deals. So why not reap the rewards from switching? You will certainly find some great rates and perhaps an additional financial incentive too.
“In previous years Alliance & Leicester comfortably held the top spot for current account credit and debit interest rates, but more recently its position in the credit interest best buy tables has been hotly contested by the likes of Halifax, Abbey and Coventry BS.
Last Friday Alliance & Leicester announced its Premier Direct Current account would now pay an extra 0.37% interest, pushing it back to the top of the charts. On top of this, it has recently increased its recommend a friend incentive from £25 to £50.
“With current account interest rates exceeding even the best savings rates, where will this battle end? Our current account business is great value to these providers fighting to win our accounts, as they are seen as a core product from which they can glean information about your financial situation. Banks and building societies look at a current account as a gateway to enable them to sell you further financial products that they feel will meet your needs, but at the same time earn them some revenue.
When opening the A&L Premier Direct Current Account for example, a savings account is opened automatically as part of the process, so it is looking to get you saving with them from day one.
“If you do decide to switch providers it is a choice which you will probably stick with for some time. Thus it is vital that you do your homework and make the right choice. Are you someone always in credit, or do you rely on an overdraft? Do you prefer to use a branch, internet or telephone?
and debit balances.”
“The switching process is relatively simple, and in most cases you can either leave your new bank to complete it for you or you can control the process yourself. Whichever method you choose you need to keep close tabs on both your old account and new account whilst the transfer is in progress. Halifax, Abbey and Alliance & Leicester all offer interest free overdrafts to help protect against any timing discrepancies during the switch.
“Remember you will have to get your employer to switch your salary - also you will have new PIN numbers (which you can change), as well as new passwords for online banking.
“So whilst initially it can involve quite a bit of effort on your part, the rewards can be worth it. For a customer with an average credit balance of £2K, switching from an account paying 0.10% to one that offers 6.31%, could earn you almost £125 extra interest in a year – perhaps this figure is evidence enough that is worth the hassle.”
Follow in the footsteps of the Moneyfacts experts, who say ‘it pays to switch’….
Andrew Hagger of Moneyfacts says, "I recently switched my account to the Halifax HICA. After a couple of initial hiccups with the switching service, my account has been successfully been transferred and I'm now getting 60 times more credit on my current account - wish I'd done it years ago"
Lisa Taylor of Moneyfacts adds, “My new year’s resolution this year was to practice what I preach and get the best possible deal for my financial products. I chose to switch to the Alliance & Leicester Premier Direct Account, transferring my direct debits and standing orders myself. While it does take a bit of work and a careful eye, it is certainly worth it. I have immediately seen the benefits of a higher interest rate – before it was almost like giving my money away!”
By Michelle Slade,
http://www.Moneyfacts.co.uk |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
