Should You Switch?

Is it best to switch or stay put? What do you think?

We want all Fools to make the most of their money. So that's why we've spent a lot time building a financial comparison service that can help you find the best deal for you and your circumstances.

If, for example, your bank is not paying you any interest on the balance in your current account, you could find the Halifax High Interest Account in our Current Account Centre, and receive interest of 6.17% a month (assuming you pay at least £1000 into your current account each month.)

So if, say, you find a great new deal for your mortgage, it makes sense to switch immediately. Right?

Well, a few months ago, I'd have said you must switch as soon as possible. But now I'm not so sure.

I've heard several anecdotes where friends or friends of friends have been on the verge of switching to a new supplier, and have rung up their current provider to cancel the service. Then they're told that they could be put on a new tariff and there's no need for them to switch at all.

So is that the answer then? If I see that XYZ Electricity is offering a lower price than my current provider, is it the case that all I need do is ring up my current company and see if it can match my new offer from XYZ? It's an intriguing thought, and we'd like to get some help from the Foolish community and see if it's a widespread practice.

If you've tried the "ring for a better deal" approach, we'd love to hear from you. It doesn't matter whether it's worked or not. And we're looking for feedback in all of these areas: mortgages, bank accounts, gas and electricity, broadband, and credit cards.

You can post your thoughts on our special Switch Or No Switch? discussion board. Or send me an email. You can reach me by clicking on my name at the top of this article next to the terrible drawing of my face.