Press release:

uSwitch comments on Tesco Bank freezing 3% interest current account sign ups

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.

About us

Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.

Customers can sign up to an account that automatically monitors the energy market and notifies them when they can move to a cheaper tariff, while broadband customers can conduct a speed test to find out how fast their broadband is and identify the best deal for their postcode.

The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card, mobile and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email customerservices@uswitch.com with their postcode and usage details.

uSwitch is owned by ZPG, which operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, Money, PrimeLocation and SmartNewHomes.

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