MANY OF US treat our bank like a childhood friend who’s there for life, but in reality your bank statements are just like any other bill that comes into your letterbox or inbox.
If you weren’t happy with your mobile phone or internet provider, you’d switch in a flash, right? Banking should be treated just the same, and in most cases it’s not only a straightforward move to change provider, but a money-saving one too.
Whether it’s a current account, a credit card or a mortgage that you’re looking to switch – or indeed, all three – here are a few things you might not have known…
Under the Central Bank Switching Code, your chosen new bank must have your new current account set up ten working days from your switching date. According to Central Bank statistics, 99% of current account switchovers are completed within that timeframe.
Once you notify them of your decision to switch, most banks will help you out with everything from closing your old account to changing over your direct debits. In many cases, you can start the switching process online, meaning you don’t need to clear time to visit the bank.
You may wish to seek financial advice before switching, but once you’ve made up your mind, make sure you have documentation like proof of address and details of your income ready to go. As with setting up any new current account, mortgage or credit card, having the right documentation to hand will make the process speedier.
If you’re thinking of switching providers for any financial product, talk to your current bank first. In many cases, once your bank knows you’re shopping around and why, they’ll offer you a better deal to make you stay.
As with car insurance or flight prices, it’s pretty simple to compare differences between financial providers. The Competition and Consumer Protection Commission have a comparison calculator for a range of financial products, giving you a breakdown of things like account fees, annual interest rates and APR for each provider.
In the case of current account switchovers, as long as your preferred switching date is more than ten working days into the future, it can be at any time of the month you prefer. That way, you don’t need to panic about direct debits coming out of your old current account while you’re in the middle of the switching process.
Once you advise your new bank of your chosen date, the switching team will take care of changing over direct debits on your behalf, and you’ll be able to use your old account up until the changeover is complete.
Tempted by the thought of a better deal on your financial products? Starting the switching process is simple once you’ve made the decision. Make contact with your chosen new bank either at a branch or online, and let them know you’re interested in changing to their service. Your new bank’s switching team will check your documentation, contact your current bank and guide you through the transfer process.
You’ll find switching advice and a step-by-step guide on switchyourbank.ie, an independent service provided by the Department of Finance.
To embed this post, copy the code below on your site
have your say