Uswitch comments on latest Current Account Switch Service figures
Commenting on the publication of the latest figures for the Current Account Switch Service, Tashema Jackson, money expert at Uswitch.com, says: “Following an increase in people switching at the start of 2016 – largely due to a high number of switching sweeteners – dwindling numbers over the last three months provide a stark reminder that more needs to be done to convince current account customers to switch. And despite three in four people now aware of the 7-day current account switching service, many still struggle to see the benefit of doing so – with less than 5% of active current account holders having used the service in nearly three years.
“The banks must do more to remove the perceived barriers to switching, and can help to do so by providing customers with clear information about what their current account actually costs. Being better informed about the costs will help customers better understand the benefits of switching, which will lead to an increase in the number of people doing so and, our experience in other industries shows, it will lead to better competition.”
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