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News Article

How to switch your bank account

Published 29 September 2015 by

If you’ve never had any problems with your bank or building society, you’ve probably never considered switching your account. However, if you experience poor customer service or feel like you’ve been treated badly, you might look into moving your account to another provider. But how do you decide where’s right for you?

You might also think about switching accounts if you’re looking for an account that offers you something extra. It’s easy to be put off from moving your account if you think it’s going to be a big hassle – having to tell your employer and move all of your bills – but it’s actually pretty simple to switch accounts.

Unhappy with the service

You don’t need to stay with a bank or building society if you don’t think they’re treating you fairly. There are a lot of account providers available so if you’re not happy with the service you’re receiving, it makes sense to switch your account.

But how easy is this to do? If you’re looking to move to another bank or building society, you’ll be able to use the seven day Current Account Switching Service. This means the bank guarantees that the switch will be completed within seven working days, and it takes care of moving all of your standing orders and Direct Debits and even closing your old account. Two million people have already used the Current Account Switching Service to move their bank account in the past two years.

Switching to thinkmoney

However, you might not want to switch to a traditional bank or a building society – maybe you’re looking for something more from your account. If you’re looking for an account to help you out with your budgeting, you might want to consider the thinkmoney Personal Account. We call it ‘a jam jar account’ because we separate your money into two separate ‘jars’.

When you get paid, or get other incomes such as benefits, the money goes directly into your Salaries account. We then automatically hold back enough money to cover the regular bills (standing orders and Direct Debits) that you’ve told us about. Money that isn’t needed for bills is moved straight into your Card account. This means you can spend it without worrying that you’ll use money that was supposed to be kept for something important. What’s more, we’ll make sure that you don’t go overdrawn – so wave goodbye to overdraft charges or penalties for “bounced” payments.

If you want to switch to thinkmoney, we’ll give you your new account number and sort code. You’ll be able to give these to your employer so they’ll know where to pay you. One of our Money Managers will then work with you to move all of your bills over to your new account, meaning less stress for you. The thinkmoney Personal Account costs £17.50 a month for a single account and £24.50 for a joint account – if you want to find out more about how it works, check out the account page.