How to switch bank current accounts for a better deal

Recent research has suggested that the British are less likely to switch their bank account than any other form of financial product, utility or insurance. It’s little wonder: for years, the major banks made switching a current account a nightmare with the customer responsible for ensuring that all standing orders and direct debits were recreated on the new account manually. But switching account is now relatively simple thanks to rules which were introduced in 2013. These so-called seven-day switching regulations mean that banks must now transfer everything over to a new current account within a week of a customer informing them that he or she wishes to switch to a new account provider. As a result, the current account market is now extremely competitive with all of the major banks offering a host of attractive accounts with various benefits in attempts to lure customers away from their competitors. Should you switch? The new seven-day switching rules have been responsible for lib


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