Commenting on this morning’s announcement from the CMA that banks must display how likely customers are to recommend their services to family and friends, Tashema Jackson, money expert at uSwitch.com, says: “This is another step in implementing the measures recommended by the CMA to make banks work harder for customers, following its review into retail banking – the report of which was published two years ago.
“The results show that the traditional high street banks are generally falling short with fewer than half of RBS customers recommending its services to family and friends, while the likes of First Direct and Metro are miles ahead of the competition. However, it is worth bearing in mind that these scores are already slightly out of date, as following TSB’s summer of woe we’d expect its ranking to drop when the results are updated in the new year.
“The most important thing here is to not suffer in silence. If your bank isn’t meeting the standards you expect, charging you too much to use an overdraft, or even doesn’t have an app that is up to scratch, don’t sit idly by. There are a wide variety of options available to you, from other high street banks to online only challengers. Taking a few moments to compare them, could result in you being considerably happier with your current account – and manging your money easier than ever before.
“Many people are put off switching due to the perceived hassle, but the truth is it has never been easier to switch. The Current Account Switch Service ensures that all your direct debits and standings orders will move across as well as any future payments into your bank. Furthermore, using payment providers such as PayPal or Apple Pay, means that you only have to update one set of information, and then all your other apps, from ASOS to Uber will have the correct details so you won’t miss a beat.”