Banks need to do more to convince consumers to switch, says Uswitch
Following the Payments Council’s announcement that it has seen a 12% year on year increase in switching since in 2014, David Mann, Head of Money at Uswitch.com, says: “Although these latest switching numbers are encouraging, it is just a drop in the ocean. With only 1.6 million accounts making the switch out of a possible 46 million, there is clearly much more to be done to show that loyalty doesn’t pay.
“Banks needs to be more competitive to persuade consumers to move their hard earned cash. We have already seen how the complacency from some of the Big Four banks has led to customers leaving in their thousands. There are currently tempting incentives on the market – for example, Clydesdale already offer £150 to switch and TSB now offer a healthy five per cent interest on balances. But it’s not just about the money – people are rightly looking for clear and comparable information on all aspects of their account, including fees and charges, to sort out the good deals from the bad.
“That’s why the most competitive banks are proving increasingly popular. It comes as no surprise that Santander are currently winning the switching battle, as our research reveals consumers have rated them top for rewards.
“The Payments Council now needs to make sure it is taking the necessary steps to continue to raise awareness of this service. It is vital consumers understand the benefits of shopping around for a current account that suits their needs.”
For more information visit www.Uswitch.com or call 0800 093 06 07
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
Notes to editors
Research referred to in the release was conducted online by Opinium from 7th to 17th January 2014 among 10,629 current account holders. All figures are based on Uswitch.com analysis. The figures have been weighted and are representative of all UK adults aged 18+. Last year’s awards were based on research conducted online by YouGov between 25/09/12 and 3/10/12 among 10,269 adults.
Santander comes top in the ‘Best Rewards’ category.
| Best Rewards | Position | Score | ||
|---|---|---|---|---|
| Santander | 1 | 32% | ||
| Halifax | 2 | 31% | ||
| Nationwide | 3 | 30% | ||
| Bank of Scotland | 4 | 28% | ||
| Co-op | 5 | 23% | ||
| First Direct | 6 | 19% | ||
| TSB | 7 | 17% | ||
| Lloyds | 8 | 17% | ||
| Barclays | 9 | 14% | ||
| NatWest | 10 | 14% | ||
| RBS | 11 | 11% | ||
| HSBC | 12 | 3% | ||
| Yorkshire Bank | 13 | 2% |
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