Uswitch comments on latest current account switching data

Commenting on the publication of the latest current account switching figures, Tashema Jackson, money expert at Uswitch.com, says: “These figures show that just 5% of consumers are switching current accounts, so the small rise in those changing banks during the past three months is still a drop in the ocean.

“Despite this, there are many great offers for customers prepared to switch their current account, including cash incentives, high interest rates and reduced overdraft charges.

“Although three in four customers are aware of the 7-day Current Account Switch Service, today’s figures suggest the industry has much more to do to convince consumers about the benefits of switching. The fact remains that we will only start to see real competition in the market when more people vote with their feet, putting pressure on providers to offer better products and customer service.”

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