Independent Financial Life Planners Bishop's Stortford: Fed up with your bank? Then consider moving by using a switching service

Thursday, 26 May 2016

Fed up with your bank? Then consider moving by using a switching service

Enables IFA’s in Bishop’s Stortford always like to make sure that the basics of financial management are in place, and being happy with your bank accounts is key. Interestingly more and more people are switching current accounts, a total of 309,678 people changed banks in the first three months of the year said the Current Account Switch Service

There are 68 million active current accounts in the UK and the vast majority of customers remain loyal to their banks, but some experts have questioned the model of current accounts in the UK. If you are thinking of swapping banks there is now a switching service which means that customers can move over to a new account within seven working days and all regular incoming and outgoing payments are automatically switched over from the old account.

"There are still too few people switching," said Hannah Maundrell, from financial comparison website Money.co.uk." It is very telling that the competition watchdog has delayed its report into how to reinvigorate the industry because it suggests there is no easy solution. "The key problem with current accounts is overdraft charges, this is where people are getting significantly and consistently stung."

According to recent figures then banks Santander, the Halifax, and Nationwide Building Society have attracted the larges amount of new customers. One commentator suggested that this showed rewards for switching were more of an incentive for potential customers than the arrival of new banks on the market.

Source: Moneyco.uk

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.