Best time to switch accounts?

Mark1000

Dear all,
Just wanted to pop out a quick question please and I am sorry if it is already on here as their are thousands of posts.
Is their a right time to switch bank accounts or any savings account in fact?
I apologise if this is a stupid question, however, last year I switched an ISA plus I moved some money into an easy access account with a higher rate but as soon as I did these a letter from both companies came to me stating that they are lowering the rates, although both accounts that I switched to were featured on this site (I am not blaming anyone or Martin as he is a great guy).
Hopefully you get my point.
Keep safe
Thank you

born_again

If switching a bank account, if it your main one. Then just make sure that any DD's are not going to be going out within a week of the switch date. Just to save any mess up's.

As to savings. Well if anyone can guess who is still going to be offering a good rate in a few weeks is onto a winner. 
I would expect to see pretty much most savings accounts to be dropping to around the same rate, within the next couple of months. So anything above 0.1% is going to look good.

Best returns on any money now are going to be any switching deals. But just wonder if they will dry up as bank's start hankering down to save costs.

SJshah

I would say the best time to switch is when the bank gives you a guaranteed switching bonus or guaranteed good fixed rate for 'x' period. I wouldn't count on interest rates remaining stable or account fee's staying the same - the only way is down in the current environment.

blue.peter

If you have a savings account with the same bank as your current account, check the terms of the savings account and make sure that you don't hit any unexpected penalty.