In response to the new Government backed comparison site for current accounts David Mann, money expert at uSwitch.com, says: “Any service that puts more power in to the hand’s of consumers and helps them find a better deal is welcome. Switching current accounts can be an easy way to boost your new balance – either with a switching incentive, paying less in fees or making your money work harder with a higher interest rate.
“However, while this service may recommend current accounts to switch to based on your existing current account usage, this at best is only a partial picture. For many, their current account is only a one brick in their financial house. This service doesn’t allow you to also include details of your credit card spend, or properly capture if you have a mortgage or loan with a particular bank.
“So, while this is a good first step towards helping people find suitable financial, there is more to be done. Those who use the service should also make sure they don’t lose sight of their full financial picture to ensure they can find the truly best product for their needs.
“It’s also likely that some people will be concerned about sharing their personal financial data – and while the service will be anonymous, some may miss out because of these unfounded fears. It’s vital that users are given the information they need to have full confidence in the service.
“Ultimately, encouraging people to switch their account can only be a good thing. Hopefully a service like this can help make the market more competitive, which in turn could lead to even better choices and deals – a real win for everyone’s pocketbook.”
For more information visit www.uSwitch.com or call 0800 093 06 07