MSE Poll: When did you last switch your bank account? 29 September 2020 at 6:11PM in Money Saving Polls 13 replies 1K views

MSE_Petar

Poll started 29 September 2020

The current account switching market is heating up, with some banks once again offering cash bonuses for switching. So whether you want better service, interest on your savings or just free cash – changing your day-to-day bank account can be well worth doing (see Best Bank Accounts). But when did you last do it?

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Did you vote? Are you surprised at the results so far? Have your say below.
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RPye

I've often found there are too many criteria to collect the money for switching accounts. If you're not a homeowner with regular bills going out then it's quite likely you won't qualify. You often need 3-5 standing orders and full-time wages. I would love to receive this 'free' money. But as they say, there's no such thing as a free lunch, and this is a good example. As a recent graduate, I'm not going to qualify for a few years, and by that time the incentive may be taken away. Therefore, I'm sticking with my current bank.

MoneySavingEggspert

I have switched 4 times to BOS, HSBC and RBS and M&S but never my main account so I had to say I had never switched in the poll but it doesn't really represent my behaviour. I have what Martin calls a mule account (I did have two, but M&S required 4 direct debits to get the £220 voucher incentive, so I moved them onto one account) which I use just for switching incentives, this works nicely for me as I am happy with my main current account and don't want to change it. Also by having a range of accounts set up with different providers I can quickly open any good saving or Regular savings accounts that are often reserved for current account customers (like the new 3% one from RBS & Natwest).

gloriouslyhappy

I'm with first direct so no need to switch - best customer service, best online banking website

aintreemaid

Interesting poll but not enough options: my answer would have to be that I've never switched my main account but that's purely because all of my income (small amounts from several different sources) goes into it and is immediately transferred to numerous other accounts to either gain maximum interest or to pay bills.

It would be much more complicated to switch the main account as this would also involve changes to some of the other accounts that sometimes transfer cash back to the main account to be sent elsewhere.

Why on earth does Martin think we money-savers have straightforward banking? (Only kidding, Martin - we love you really!)

Sandtree

Odd correlation between not wanting to give your age and not having a current account.

Not otherwise very surprising, though "switching" is a bit of a difficult point as main account hasnt changed for 14 years or so but plenty of other current accounts have come and gone in that time to be used for particular things.

gloriouslyhappy said:

I'm with first direct so no need to switch - best customer service, best online banking website

Each to their own etc but FD is one of the accounts I tried to open for a special purpose with the intent of it potentially becoming my main account but with the terrible service we had it was closed before it even had served its purpose. The idea of having specialist departments that a) don't have their own telephone numbers (or at least dont give them out) and b) no call steering is terrible... I dont want to sit in a queue to the wrong department only for them to put me in a new queue when at least I should be able to go straight into the right queue (or even better no queue).

My reason for not switching is that so far they're all the same... differences are minimal and frequently short lived. I can leverage those short lived promos well enough without switching provider.

phillw

You should be able to vote for "I have 20 current accounts and no longer qualify for switching bonuses"

Spoonie_Turtle

Never switched my main account, but my savings (once they were above a few hundred pounds) have been all over in the last few years. Current accounts have had better interest - or the bonuses were far better than any interest - than savings accounts, for the modest amount I have.

fairboy

I never switched it the same

MikeBcn

Yes I agree

keefpirate

I've always been with First Direct since I was 18. Plenty of money earned through referrals though!