Current account switching firmly back on consumer agenda, says Uswitch.com

With the Payments Council announcing it has seen a 19% increase in switching since the launch of the Current Account Switch Service, new figures from Uswitch.com reveal that switching via their site has increased by 276% over the same period.

David Mann, Head of Money at Uswitch.com,** says: **“These are really encouraging figures. The fact that over a million consumers have used this service over the last year is proof that people are at last taking control and making banks work for them.

“There is a seismic shift coming in people’s attitudes towards their bank accounts. We are already seeing the early stages of it as we no longer see our bank as our lifetime companion. If there is a better deal elsewhere, we go for it.  This is great news for competition, as it means banks are going to have to work even harder to keep existing customers and attract new ones.

“The Payments Council now needs to make sure it is taking the necessary steps to continue to raise awareness of the service and ensure that everyone understands the benefits that switching current accounts could have for them.”

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

Notes to editors

1. Source: based on switches to new current accounts via the Uswitch.com website between 1st September 2013 - 31st July 2014 compared to the same period in 2013 (1/09/2012- 31/07/2013)

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