How to change bank, energy or broadband provider and save money

Switching broadband, energy, or banking providers has become significantly easier in recent years as regulators streamline the process to encourage competition and help consumers find better deals. Communications regulator Ofcom recently fined Virgin Media £28 million for deliberately preventing customers from cancelling contracts through tactics such as hanging up calls and placing customers on indefinite holds. The violations occurred over a three-year period and affected millions of calls from customers attempting to switch providers.

To address these issues, Ofcom launched the One Touch Switch service in 2024, which requires customers to contact only their new provider rather than negotiate with their existing one. Customers should verify whether they remain under contract, as early termination could incur exit fees. Many consumers choose to switch for improved service quality or to reduce costs, and some attempt to negotiate better rates with their current provider before making a change.

Banking sector regulators have similarly modernized account switching. Traditional switching practices once deterred consumers due to concerns about transferring wages, direct debits, and standing orders. The Current Account Switch Service now handles most of these tasks automatically, typically completing transfers within seven days. Banks offer financial incentives to customers who designate a new account as their primary current account, with automatic protections that refund any interest or charges if problems occur during the transfer process.

Energy supplier switching has also been streamlined by regulator Ofgem. Consumers should consider payment method preferences, as direct debit payments are typically £140 annually cheaper than quarterly billing. Prior unpaid bills may prevent switching, and customers must decide between fixed-rate tariffs and variable-rate options. The process requires only contacting the new supplier with basic information from existing bills, takes approximately five days to complete, and includes a 14-day cancellation period without penalties. Customers should record meter readings to ensure accurate billing from both old and new providers.