BBA offers tips to account switchers

In a highly competitive market, consumers always need to make sure that they make sure that they get the right deal for them. If the brand to which they are loyal no longer offers the best service, then it is the right of the consumer to take their custom elsewhere.

The business of banking is no different. Well-established names on the high street have traditionally competed with building societies, but now there is the added competition of supermarkets, eco-friendly banks and specialist lenders to deal with.

While there has never been more choice to users of these services, the perception remains among some that switching products is difficult. However, the British Bankers' Association (BBA) advises that it is not - nor has it ever been. It is simply a question of timing.

"If you're having your salary paid into your account, then it's best to arrange for the old account to be closed just after your salary comes in. Your employer may need to know the new bank account details a week or more before your salary is paid to get payrolls sorted," suggested Brian Capon of the BBA.

"Normally the new bank will be quite happy to do everything that is needed to actually get the account transferred for you."