Current account switching rises 17% as consumers become braver to make the move
In response to today’s switching report from the Payments Council which reveals that current account switching in the last three months of 2013 increased 17% compared to the last three months of 2012,Michael Ossei, personal finance expert at Uswitch.com,** says: **“We’re really encouraged by these figures – consumers are finally feeling confident enough to break free from the shackles of their old banks and move to a better deal.
“And, with cash incentives of up to £100 on offer as well as interest rates of up to 5% on in-credit balances, people have everything to gain by switching their current account. We’ve seen consumers on our website express the most interest in the First Direct 1st Account and the Halifax Reward account.
“The challenge facing the industry now is how to make competition work harder. Instead of the Big Four – Barclays, HSBC, Lloyds and RBS – winning customers thanks to their hefty advertising budgets, we want to see the likes to TSB, Tesco, the Post Office and Metro Bank gaining a larger share of the market.
“But the fact remains that, with the equivalent of 24,000 consumers switching their current account every week, the market is on the move. Confidence is up and this can only mean banks will have to work harder to both keep their existing customers and win new ones – meaning better value and more choice for consumers.
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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