🔔 Ask Anna – Isn't it a hassle to switch my savings accounts?

Q: You regularly (and rightly!) suggest switching our savings to a better rate, but isn’t it a hassle?

Anna's response:

Thank you for getting in touch, you are quite right to ask about switching accounts – we all know that it is the best thing to do in order to get better returns on your savings, but sometimes it is hard to actually bite the bullet and take action.

However, you needn’t be put off by perceived hassle, if you choose carefully you shouldn’t need to go through this process very often and it will be worth putting the time aside if you end up with more money in your pocket as a result.

And with the recent base rate increase, it is more important than ever to check the rate you are earning and just how much more you could be getting. I was interviewed on the Radio 4 PM programme on Thursday, so click here to listen to just how the base rate rise might affect you. The article about the base rate starts at 53 minutes.

The first step is to pick the account or accounts that suit your circumstances and plans best and you can reduce the time this takes by consulting our independent best buy tables. 

Our tables feature the top five for a variety of account types and cuts out those accounts that can only be opened by existing or local customers – saving you trawling through endless lists of accounts.

That said, we hold details of every account in the UK savings market and you can get in touch with us on 0800 011 9705 to find out if there are any alternative accounts that may suit your own unique circumstances.

Once you have made your choice, grab yourself a coffee and a comfortable chair, and go through the application form. Many of the top accounts at the moment can be applied for online, which is often a straightforward and relatively quick process – ideal for those with even only rudimentary computer skills. It is also worth noting that the majority of providers have helplines to call if you get stuck – so don’t worry!

That said, online applications are not for everyone and we always ensure that our tables include some branch or postal options for those who prefer applying in a more traditional way and you can, of course, get in touch with us for further options.

For those who would like to save even more time, we have seen the recent emergence of savings platforms, which allow you to apply for a variety of accounts through just one application. While not always offering the very best rates, there are competitive rates on offer and could be just the thing for those looking for even more convenience. 

For more information on the Raisin UK Savings Marketplace, one of the most prominent savings platforms at the moment, take a look at our recent article here. At the moment, for those with larger sums to deposit, Raisin is offering a welcome bonus for new savers with them, which means that not only can you have access to the platform and therefore benefit from the ease of future opening and switching of accounts, but the bonus can also currently elevate the ICICI one year bond into a market-leading rate.

If you have larger amounts in cash savings, we can help you to research and open savings accounts from the whole of the market by using our Cash Advice Service. We can help you maximise your interest and ensure that as much of your money is protected by the Financial Service Compensation Scheme (FSCS) as you are comfortable with. Call us on 0800 011 9705 to find out more.

It needn't be a hassle to make the most of your savings and we are here to help wherever we can – so give switching accounts a go and you may be pleasantly surprised by the results.

If you need any help with finding the accounts that are most suitable for your needs, please call us on 0800 011 9705 to speak to one of our expert savings specialists.
 

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