The Payments Council today reported that it has seen almost 600,000 current account switches from 1st Jan to 30th June – a 16% year-on-year increase
Uswitch.com reports current account visitors almost doubled during the same period compared to 2013
Most popular accounts on Uswitch.com in the last six months – First Direct 1st Account, Nationwide Flex Direct and Santander 123 Current Account.
As figures from the Payments Council today reveal that current account switching in the first six months of 2014 increased by 16% compared to the same period in 2013, Uswitch.com reveals that traffic to its current account pages has almost doubled in the same period.
Commenting on this, Jafar Hassan, personal finance expert, at Uswitch.com, says: “We’re really encouraged by these figures – consumers are finally feeling confident enough to shop around and see what else is out there when it comes to their banking.
“While a 16% increase in switching may not represent a monumental behavioural change in the market, it is still a step in the right direction as it means that almost a fifth more consumers are switching compared to this time last year. What’s more is that we have seen site traffic to our current account pages almost double in the first six months of the year, so it’s clear that consumers are becoming more engaged and the market is on the move.
“With some providers offering cash incentives of up to £100 as well as interest rates of up to 5% on in-credit balances, consumers have everything to gain by switching and it’s clear that providers such as First Direct, Nationwide and Santander are winning over consumers in the current account race.
“However, as we approach the one year anniversary of the launch of The Current Account Switching Service, switching will once again be high on the consumer agenda so we expect to see more people shopping around and thinking about making a move. As a result, providers will be upping their game in the run up to September in a bid to win over consumers – whether it’s through product or promotion.”
Top 5 Current Accounts on Uswitch.com between 1st January – 30th June 2014:
1. First Direct 1st Account
2. Nationwide Flex Direct
3. Santander 123
4. TSB Classic Plus
5. NatWest Select
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
1.Source: Payments Council - http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/2924/ 2.Figures refer to a 91% increase in current account page views from 1st January to 30th June 2014 compared to the same period in 2013. ‘Page views’ are the total number of views to the Uswitch.com current account pages.
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