It's the Money Guy

Switch Your Current Account This Christmas -To Save Money & Make You Happy!

With large organisations, it seems like they’ve been around for years, in fact – you probably have been with them for years, your parent used to bank with them so you started to bank with them, my grandad banked with them…You now have this odd feeling of loyalty, you feel compelled to stay with the bank because…’you know – you’ve been with them for years’. This of course IS NOT AN EXCUSE! Don’t be with someone, just because, that’s not a reason at all. Banks are ripping you off, either financially or customer service wise. If you’re not happy with your bank, or perhaps, they just don’t give you anything for banking with them, CHANGE TODAY! There are some great deals to be had and some banks customer service is superb.

Gone are the days where changing your bank account as harder than neuro-surgery. There is a system in place which you’ve probably never heard of – called the CASS system. (The Current Account Switcher Service in its entirety) It is guaranteed service that 99/9% of banks and building societies in the UK are signed up to and using. for a full list of participating businesses, click here

Look out for this logo – usually in the outside of the building or on the window.

It is GUARANTEED click here for the full guarantee here’s the main key points:

  • 7 working days from start to finish
  • All mandates (Direct Debits, Standing Orders, Bill Payments, Card Payments) are changed over for you.
  • Credits are re-directed, your income/benefits/interest payments etc are all sent to the new account. A redirection is in place so that even if friends pay the old account in a year – the money will be sent to the new account.
  • The old account can be closed down on your behalf.
  • Any balance in the account can be transferred to the new account.
  • In some cases overdrafts can be matched but this will be down to the new providers own underwriting and is done on a case by case basis.

There are so many reasons to switch, some banks give you a cash incentive, some will give you cashback (for just paying your bills!), some will give you Free things like cinema tickets, gourmet society cards, magazine subscriptions, better interest, some will give you insurances that you may need/want. Sometimes, it’s not money related at all, it could be because they have a branch near to your home, it could be that you don’t go into town and you prefer and online experience, it could be because their service is just better, it could be they have a more intuitive app, whatever your reason to want to switch, DO IT!

Back in the day, when someone came into the bank and said ‘I want to switch my bank account’ it was nerve racking for both the customer and for the advisor!

  • Will it go through ok?
  • Will the bank give the old details to the new one?
  • Next time I see this customer, is it going to be for the best?

It was testing times! When I heard of this new system come in – I was convinced it wouldn’t work – but it does! There is now – NO REASON to not switch your account. Sign up to the  new bank/building society and give them your old sort code and account numbers, sign a bit of paper and you’re off! The form that you sign, you should read, but essentially, you are giving permission for the new place to act for you and close down your old account and transfer any balance over to your new account.  The switch will take 7 Working days. The responsibility of the switch is on the NEW bank/building society. No Grey areas, simple, straight forward.

There are loads of deals available, I won’t publish them on here as they change on a weekly basis, feel free to watch out, every Monday for my ‘Money Monday’ break down, every Monday Morning, by visiting my Facebook Page or Instagram  

If you’d like some help in deciding where to bank next, have had a bad experience of switching in the past, perhaps you just need someone to talk switching your account through with, please don’t hesitate to contact me.

About the author

Adam Phillips

After being in the banking industry for over 10 years, its time to help educate people and business owners to the best of my ability!
We live in a world where (For some reason) Money isn't taught in the education system at all.
I'm here to help support both the household and the small business owner by helping save them money. More often than not, the household and the business owner is not too dissimilar. It's so easy to go about your day and never take the time to work out if what you are doing is the most reliable, most efficient or most relevant for you. This is where I come in!
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