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Still with the same old bank you opened an account with as a teenager? Well, you could be missing out - March saw a record number of people decide to make the big switch.

Everybody’s switching - could you be missing out?

Still with the same old bank you opened an account with as a teenager? Well, you could be missing out - March saw a record number of people decide to make the big switch.

Nearly 125,000 picked a new current account, up 10% on the same period last year, according payments organisation Bacs. So does your loyalty mean you are missing out?

Why switch current accounts?

The Current Account Switch Service (CASS) was first launched in 2013 and since then three million switches have taken place.

This sounds impressive, but since there are 65 million active current accounts in the UK it’s actually quite a small number. So why bother changing?

Poor customer service is one reason people switch and, thanks to CASS, you can now change your provider in seven days. Everything is done automatically, so you won’t even have to set up your direct debits again.

Better customer service is not the only reason though, with many people changing to take advantage of new customer perks.

What can I get if I switch?

Many banks offer a cash incentive or gift vouchers for switching. Others offer similar incentives for recommending them to a friend.

If you are regularly going into your overdraft then a different bank could offer you a better deal. You might be able to get an interest-free overdraft, or lower charges so you pay less each month, helping you to stay in credit.

With interest rates at a record low, you might also be able to get a higher rate with another bank.

Don’t ignore your forgotten accounts

There is £1.45 billion left unclaimed in dormant bank accounts, pensions and premium bonds, according to a study by Which?. This equates to £54 per home!

Tracing a lost bank account or Premium Bond prize is really easy, free and could give you a nice windfall.

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