Is it worth me switching my current account?

ellebee1986

Hi everyone,

Im new to the debt free wannabe board after deciding I need to sort myself out! I havent got huge debts mainly little bits here and there storecards credit cards etc but would love to clear them and then move onto the mortgage free part
My question is, having a satisfied ccj on my credit report from 2 years ago, is it worth switching my current account? Ive been with same lender for 12 years+ and I know they arent the best rate i can get i stay simply out of habit and convenience as it intimidates me a bit the thought of switching. But Im tempted by Santanders £100 cashback which would clear a storecard debt! is it worth me switching for the next 12 months to gain the cashback and then reconsidering again or does constantly switching go against you is it better to stay in one place?

Thanks so much

Westminster

It sounds like you are referring to your 'credit score' which is an effectively imagainary number as each institution uses their own commercially confidential system.

It is likely that having a long history with your bank would be seen as a good thing - however, once you switch your account, there is nothing to stop you keeping your old account open (presumably there are no account fees) and then going back to them after 12 months with Santander.

The switching process is nice an easy these days. If Santander accept you, they will contact your current bank to move across all your Standing Orders & Direct Debits.

bargainbetty

Please do be aware though, Santander have a truly atrocious reputation for customer service, and I can vouch for the utter incompetence of their telephone banking team from my own experience. I deal with them for business acounts, and they are beyond all measure terrible (OK, Barlcays are pretty bad too IMHO).

I know I could get a better deal with them than with Halifax, but I have received really good customer service from Halifax, and the £100 would disappear in phonecalls and time wasted with Santander within months....

Just a thought.... best wishes x