What should I check before switching bank accounts?

"Before switching bank accounts, compare monthly fees, everyday transaction costs, payment options, savings tools and customer support. You should also plan how you’ll move your salary, debit orders and regular payments."

• Compare monthly fees and transaction costs.
• Check whether the payment options suit the way you bank.
• Look at the savings tools and how easily you can access your money.
• Review the available customer support channels.
• Plan how you’ll move your salary and debit orders.

Switching bank accounts can help you save on fees or get features that suit you better. Before making the move, take some time to compare the full account offering rather than focusing on one benefit. Start with the fees. Check whether the account has a monthly fee and what you’ll pay for the transactions you use most often. These could include cash withdrawals, cash deposits, instant payments and prepaid purchases.

The GoTyme Bank Current Account has no monthly fee and includes several free services. However, some transactions carry charges, so it’s important to check the latest fee schedule and think about how you usually bank. Next, look at the available payment options. Check whether you can make card and online payments, send money, pay bills and manage your account through an app. You should also consider how easy it is to deposit or withdraw cash when you need it.

Savings features matter too. A useful savings tool should make it simple to separate your spending money from the money you’re saving. With GoalSave, GoTyme Bank customers can create separate savings goals and set up automatic transfers from their Current Account. It’s also worth checking how you can get help. GoTyme Bank offers customer support through in-app chat, email and telephone. Before switching, think about which support channels you prefer and when they are available.

Finally, make a plan for your regular payments. Opening a new account does not automatically move your salary or debit orders. You may need to give your employer your new banking details and contact each company that collects a debit order from your account. Keep your old account open until you’re sure your salary, debit orders and scheduled payments are going through the new account correctly. Also check for any payments that only happen every few months, as these can be easy to overlook.

Choosing a new bank account is about more than the monthly fee. By comparing everyday costs, useful features, support and the work involved in switching, you can choose an account that fits the way you manage your money.