What to look for when switching bank accounts
Bank accounts have become a standard part of our everyday life. Because of this, it’s important to make sure that your provider is offering an account that works for your needs.
Comparing bank account features
Just like savings accounts, bank accounts have a range of differing features between providers. Part of this variance is that bank accounts are usually linked to a savings account from the same provider. This can change which features are available between the two. In some cases, transaction accounts will even double as a savings account
So, what are some of the features that you should look out for?
1. Reduced or no fees
Monthly maintenance fees, ATM withdrawal fees, and overseas transactions can slowly eat into your funds. Thankfully, as banks become more digital, maintenance fees have become less common. Still, if you frequently pay various charges, consider switching to a more cost-effective option.
2. Enhanced digital banking experience
As the digital world evolves, so should your banking experience. If your current bank’s app or online banking platform feels outdated, lacks features, or is not user-friendly, you might want to look for a bank that offers a more modern, secure, and feature-rich digital banking experience. This can make managing your finances more efficient and enjoyable.
3. Better customer service
The quality of customer service can make a huge difference in your banking experience. If you're experiencing poor service, long wait times, or unhelpful responses, it’s a sign to switch. Banks that prioritise customer service provide a smoother and more supportive banking journey.
4. Aligning with your lifestyle and goals
Your banking needs can change over time based on your lifestyle, financial goals, and personal values. For instance, if you’ve become more environmentally conscious, you might prefer a bank emphasising sustainable practices. Or, if you’re planning to travel extensively, an account with no foreign transaction fees could be ideal.
5. Incentives for switching
Banks often offer incentives to attract new customers – from cash bonuses to reward points. While these offers should not be the sole reason to switch, they can be a nice bonus if the bank already meets your other criteria.
6. Seeking better interest rates
While interest rates are usually associated with savings accounts, some transaction accounts offer interest on your balance. Also, some savings accounts need a connected transaction account, so it’s also useful to check if your transaction account has a high interest savings account with it.
Not sure where to compare bank account and debit card providers? You can click the links to our hub pages or check out some of the providers in the table below…