Make the Switch

1

Make the Switch

We’re increasingly comfortable with switching insurers or energy suppliers to get the best deal, yet many of us stick with the same bank for decades. Switching isn’t as tricky as it used to be and it can be well worth your time. Nearly all major banks are part of a programme called Current Account Switch Service, launched in 2013, that guarantees a simple switch. It works in a similar way to switching energy suppliers but is much smoother and quicker. To use it you simply open a new account, tell your new bank that you want to use the service, sign a couple of forms, and choose the date you want to switch. This must be at least seven days after you open the new account and can’t be a weekend or bank holiday. The new bank will switch over your regular payments, standing orders and direct debits automatically from that date. Any manual payments made to your old account are automatically ‘redirected’ to the new one for at least three years, and your new bank will tell the sender you’ve moved. The only thing you need to change manually is any continuous payment authorities for subscriptions where you’ve given a seller your card number, rather than your account number and sort codes. Credit cards aren’t affected by a bank account switch and any direct debit you have to pay the minimum or full amount each month will transfer over. Glitches with the transfer are rare, but the Current Account Switch Guarantee means that your new bank will refund any charges or interest caused by problems with the switch. So why bother switching anyway? You could get higher interest rates on your balance, lower overdraft fees and interest, or better offers such as discounts on some purchases. Check whether it’s a ‘permanent’ rate or a time-limited introductory offer. Often the main reason to switch is a cash bonus, with some banks offering £100 or more. Check for any conditions though: you may have to pay in a certain amount to qualify. Amounts vary, but usually the idea is to make sure you’re using it as your main bank account. Remember that when you apply for an account, the bank will usually run a credit check. This is only likely to be a problem if you have a very poor credit history, and even then some banks will offer an account with a low overdraft or no overdraft at all. The credit check itself will appear on your record but this is only likely to raise eyebrows if you have a lot of checks in a short period. It may be safer to hold off switching accounts just before a big loan or mortgage application. One big myth is that you can’t switch accounts if you are in your overdraft. This isn’t the case, as the new bank can transfer over a negative balance when you switch, though it’ll need to be inside any limit on the new account.

VIRTUAL PA / GIRL FRIDAY DO YOU EVER WISH YOU HAD AN EXTRA PAIR OF HANDS? NO MONEY OR TIME TO EMPLOY THAT EXTRA PERSON! WHY NOT CALL ME!!

• NVQ 3 IN BUSINESS ADMINISTRATION • ECDL QUALIFICATION • EXPERIENCE IN WORD, EXCEL AND OUTLOOK • EXPERIENCED RECEPTIONIST • EXPERIENCE IN SAGE LINE 50 AND VARIOUS IN HOUSE ACCOUNTS PACKAGES • EXPERIENCE IN PUBLIC AND PRIVATE SECTORS *REASONABLE RATES*

TAKE A LOOK AT THE WEBSITE AND GIVE ME A CALL TO DISCUSS YOUR REQUIREMENTS

www.helpinghandso ceservices.com Tel: 01767 690075 / 07966 554304 Email: maureen@helpinghandso ceservices.co.uk

Wellness Coaching is for everyone!

We can all learn to live happier and healthier by setting realistic goals. Wellness Coaching can help with: Weight Concerns Eating Habits Poor Sleep Patterns Living with a long term condition or the stress of a busy life

Learn to rethink old habits and look better, feel better, think better and live better. For life! For more information visit

www.janecaseywellnesscoaching.com Contact Jane Casey

Registered Nurse, Personal Trainer and Qualified Wellness Coach

@janecaseycoach

T: 07814 965509 E: janecaseywellness@outlook.com