Is it worth switching current accounts?

hazbow

I have been reading the info on this site about switching accounts; in particular to the A&L premier account with the £100 bonus.

The £100 would certainly come in handy, however I am not sure if its worth me switching.

I currently have a select account with Lloyds TSB and so for £7 a month I get mobile phone insurance, card cover, AA breakdown and 0% £50 overdraft.

I don't want to lose all that and would certainly cost more than £7 a month, but I can't see whether A&L premier or other accounts offer the same stuff.

Any thoughts?

noah271007

hazbow wrote: »

I have been reading the info on this site about switching accounts; in particular to the A&L premier account with the £100 bonus.

The £100 would certainly come in handy, however I am not sure if its worth me switching.

I currently have a select account with Lloyds TSB and so for £7 a month I get mobile phone insurance, card cover, AA breakdown and 0% £50 overdraft.

I don't want to lose all that and would certainly cost more than £7 a month, but I can't see whether A&L premier or other accounts offer the same stuff.

Any thoughts?

No. If i were you, i would stay put. Its not worth the hassle for the sake of £100n quid!. Have you read the T&C about getting £100? Obviously there are conditions attached in order for you get the £100. A&L are not exactly brilliant.

maggie21

I certainly wouldn't touch A&L. I changed all my banking over and had it transferred all back with about 3 months. It is a hassel changing and A&L is another hassel altogether.

You need to make sure you have money in both accounts as your direct debits all change at different times.

If you are particularly annoyed with your current bank, I may consider it, but if your relatively happy, stick with what you know best.

Definately a case of better the devil you know when changing bank accounts.

JoseChungsDoomsday

don't switch for the money switch for service

laurajadedaniels

i'm looking to switch away from a&l but not sure what to do neither, waiting for some kinda offer to come on, if it ever does with the credit crunch.

withnell

Do A&L still match 0% overdraft?

I'd guess that you'd be able to pick up the other 3 benifits for less than 84 quid

olly300

I suggest if you want another current account then open one but don't use any banks switching service.

Move all debits i.e. direct debits, standing orders and credits i.e. salary yourself.

Also keep your old bank account open, pay money into it regularly and use it for one direct debit.

Banks frequently muck up switching services and you will also find that while your new bank is better one aspect of customer service and charges, your old bank is better on another aspect and charges.

apt

olly300 wrote: »

I suggest if you want another current account then open one but don't use any banks switching service.

Move all debits i.e. direct debits, standing orders and credits i.e. salary yourself.

Also keep your old bank account open, pay money into it regularly and use it for one direct debit.

Banks frequently muck up switching services and you will also find that while your new bank is better one aspect of customer service and charges, your old bank is better on another aspect and charges.

Unfortunately that is not an option as you need to use the A & L switching service to qualify for the £100.