It used to be that transferring a current account from one bank to another could take up to 30 days. Under new rules that recently
came into force, however it will take only seven working days and the new bank will do all the legwork – from notifying the old
bank to transferring existing standing orders and direct debits.

After the changeover, any payments to or from the old account will be automatically forwarded to the new account for 13 months. Above all, the new rules are designed to make customers feel
more comfortable about switching.

Research from Prudential has suggested that approximately £229m a year is being unnecessarily kept by the tax man because more than 182,500 people have not claimed the correct tax relief on pension contributions.

Their findings reveal that 26% of UK employees who pay higher rate tax (on income over £41,450) did not claim higher rate relief on pension contributions.

Given that tax relief is one of the main reasons why you would invest in a pension it is staggering that so many people may be missing out.

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