Is It Easy To Switch Bank Accounts?

In the UK, the banks do well out of what they call customer 'inertia', where customers stay with their bank regardless of what deal they are on and how it compares with others. Switching is obviously something that needs to be done with care, but it shouldn't be too hard, it depends on how you use your bank.

If you have many standing orders and direct debits it can be a chore, but most banks now have application forms which direct you through the process of listing them down, and will then take care of the switching process so that you don't have to do it. If your income comes in monthly, and all your direct debits and standing orders come out at the beginning of the month, then you can start the process just after they have all gone out and they should all be set up on the new account by the beginning of the following month.

Once the switch to the new account is all working, unless you wish to keep the old bank account for some particular reason, you should close it.