Commenting on the news that Tesco Bank has frozen new sign-ups to its 3% interest current account after tens of thousands rushed to sign up, Tashema Jackson, money expert at uSwitch.com, says: “The surge of sign-ups to Tesco’s current account – following its 3% interest guarantee – shows the scarcity of options for consumers looking to make the most of their savings. Now that access to this oasis in the barren world of attractive, high-interest current account deals has run dry, consumers will once again be left with slim pickings when it comes to finding a good deal for their savings.
“Despite current account switching levels dwindling the fact remains that when attractive deals do present themselves consumers are prepared to vote with their feet. Banks willing to up their game and offer customers a great deal will reap the rewards in what has traditionally been a stagnant switching market.
“For consumers looking to make the most of super savings rates, Nationwide’s FlexDirect, pays 5% on balances up to £2,500 for the first 12 months. There are also plenty of banks and building societies offering switching incentives including up to £250 in cash, fee-free overdrafts, and cashback on everyday spending.”
Find out how you could save over £1,000 a year with uSwitch here.
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Notes to editors
Figures calculated using figures supplied by BACs which show that 257,638 switches took place during the fourth quarter of 2015 compared to 208,387 switches taking place the fourth quarter of 2016.
uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, home phone, broadband, digital television, mobile phones and personal finance products including mortgages, credit cards, current accounts and insurance.
uSwitch customers have the option to create an account which will prompt them when their current broadband, credit card, energy, insurance and mobile deals are coming to an end. For energy customers, the account can also automatically monitor the market and notify them when they can move to a cheaper tariff - making future comparisons even simpler and faster. In 2016, uSwitch saved UK consumers over £320m on their energy bills alone.
Broadband customers can conduct a speed test to find out how fast their broadband is and to identify the best broadband provider for their postcode.
The uSwitch mobile app allows customers to compare energy and broadband deals. Energy customers can compare deals in seconds by scanning the QR code on their energy bill. The app won 'Most Innovative Use of Mobile' and the 'Chairman's Award' at The DRUM Marketing on Mobile Awards 2017. Consumers voted it Most Popular Website (Comparison category) in the Website of the Year Awards 2016.
uSwitch was the first comparison site to achieve the Plain English Campaign’s Internet Crystal Mark, recognising that it has clear language, is accessible and easy to use.
uSwitch has a UK contact centre which is manned by energy and broadband experts. The ‘Send Us Your Bill’ service allows customers to post their latest energy bills to FREEPOST USWITCH in order to receive a free call back to be guided through the comparison process. Alternatively, consumers can email firstname.lastname@example.org with their postcode and usage details. uSwitch’s address is The Cooperage, 5 Copper Row, London, SE1 2LH.
uSwitch is owned by ZPG Plc (LSE:ZPG), owner of some of the UK’s most trusted home-related digital platforms including Hometrack, Money.co.uk, PrimeLocation, Property Software Group and Zoopla.