Make sure you do some homework on the choices open to you and compare like with like – in recent years there has been increasing competition between banks which has improved deals available to customers.
Reasons for wanting to switch your account may include:
- Less bank charges
- More interest on in-credit balances
- Unhappy with relationship at current bank
- No convenient access to your account at the moment.
11 per cent of customers in a recent survey said their bank gave poor customer service and 12 per cent rated the service poor due to high charges and/or low interest rates (TNS Small Business Banking Survey 2005).
If you’re going to switch, make sure your new bank doesn’t have the same failings as the old one.
Fact: 24% of small firms have changed their account provider at some stage
Mintel Small Business Banking – UK – Sept 04