Commenting on the latest switching statistics from the Current Account Switch Service, Tashema Jackson, money expert at uSwitch.com, says: “Despite nearly a quarter of a million switches in the last three months of 2017, switching numbers remain erratic with the highs of November reverting to the sober reality of December. The regulators have pinned their hopes on Open Banking. They are expecting this financial services revolution to further stimulate the market and encourage the competitiveness required to really shake up the banking industry.
“For everyday consumers it is important to remember the basics. If you aren’t happy with your bank, don’t feel you need to accept the poor customer service on offer. There are many different options available now, whether you prefer the high street presence of the more traditional banks to the raft of new online challengers. Finding the right bank for your needs will take little research, but the benefits could be significant from extra cash in your pocket, some banks are offering £100 or more to switch to them, through to cheaper overdraft rates.
“For those worried about switching and the faff involved, using the Current Account Switch Service should alleviate most of your concerns as all your direct debits and standing orders will automatically be moved to your new bank. Future payments to your old account will also be forwarded, ensuring you don’t lose out.”