Uswitch comments on latest current account switch service figures
Commenting on the latest figures from the current account switch service, which show a year-on-year increase in the number of switches of 7%, David Mann, Head of Money at https://www.uswitch.com/banking/>**Uswitch.com****, says:** “Two things were key in making the seven day switch really work – boosting confidence in the switching service and ensuring the market was competitive enough to make switching worth it. These figures show that confidence is up, which is half the battle.
“In recent months we’ve also seen the market heat up. As well as switching incentives of up to £150, current accounts are becoming increasingly attractive thanks to high interest rates and monthly cash rewards. Only recently Barclays made a U-turn and introduced a reward scheme following highly competitive cashback offers from Halifax and Santander. High interest paying accounts, such as those from Nationwide and Lloyds, are also leading to people switching their current account in order to make their savings work harder.
“This growing confidence, along with small sprouts of competition, means that we are now seeing people starting to vote with their feet when they’re unhappy. Hopefully, this behaviour will lead to a virtuous circle, where banks have to stay on their toes and continue to offer better deals. Then the seven day switch can become the real game changer we were all hoping for.”
For more information visit https://www.uswitch.com/banking/>**www.Uswitch.com** or call 0800 093 06 07
FOR MORE INFORMATION
Katherine Moss
Phone: 020 3021 5893
Email: katherine.moss@uswitch.com
Twitter: @uswitchPR
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