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Switching Banks: Is Your Bank Giving You The Best Deal?

Aug 17, 2007
If you believe that your bank is costing a more money than it really needs to be, then perhaps it is time to change the habit of a lifetime and switch banks. Although many people remain loyal to their banks for life, there is no need to do this. Your bank is a business and they will treat you as such, and so in turn you should look for the best deals possible. Here are some tips on whether you should switch banks or not.

Why switch banks?

Although many people are happy with their banks, this does not mean they are getting the best deal. Obviously, if you are unhappy with your bank then it is time to look elsewhere. However, if you have been with one bank for a while then perhaps it is time to look at the alternatives. If you find that you current bank is still the best, then great. If not, then you could save yourself some money.

Look for the best deal

Before you switch banks, it is crucial that you shop around. Just because you are switching banks doesn't mean you should switch to the first good deal you come across. Look at all the alternatives, including online banks and credit unions, before deciding on which bank has the best deal for you.

Contact you current bank

If you are thinking about moving banks, then before you do so you should contact your current bank and see if they can match the terms you can get from another bank. Don't tell your bank you are thinking of leaving as they might remove certain privileges you have. Instead, try and negotiate a new deal, as it is often easier to get a better deal from your current bank than move to a new bank. However, if your current bank doesn't want to negotiate then you know it is time to switch banks.

Complete application process

Once you have found the right bank for your needs, you need to complete the application process. Once you have filled in any necessary forms and made sure that all the terms make sense, your new bank can begin the process of transferring your payments and money from your old bank. If you have fairly regular accounts then this should only take a week or so to complete.

Advantages of switching banks

Of course, then main advantage of switching banks is that you can get better terms on the financial products that you already have. You may also be able to get new features from a different bank that will help you to save money or make banking easier for you.

Disadvantages of changing banks

Although there are advantages to switching banks, you must remember that it is won't always be so easy. If you have complex accounts or are borrowing money from your old bank, then the procedure might become more complicated. Also, if you switch banks regularly it can seem like you are financially unstable. Although switching banks isn't always the best option, if you are unhappy with your current bank or want to get a better deal then you should look at what other banks have to offer.
About the Author
Peter Kenny is a writer for The Thrifty Scot.
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