The world of bank accounts is set to change forever today, with the introduction of a new personalised current account comparison service called midata – and Gocompare.com is the first comparison site to offer it.
Customers of the big five banking groups – Barclays, HSBC, Lloyds, RBS and Santander – and Nationwide Building Society, will be able to upload information from their statements to compare all personal bank accounts on the market. They’ll be able to tell at a glance which one’s best for them, with midata’s super-advanced number-crunching technology taking the hard work out of comparing them.
“Our midata comparison tool is an exciting innovation in the current account market and we’re proud to be leading the way by helping people use their real financial records to provide more meaningful current account comparisons," said Gocompare.com's Matt Sanders.
"Enabling people to make better-informed financial decisions is at the heart of what we do as a company, and by making use of midata we can let our customers use their actual current account data to help them find what’s really right for them."
The comparison tool has been developed as part of the government’s midata initiative, which aims to give consumers better access to, and control over, the electronic data that companies hold about them.
“This innovation will put much more control in the hands of customers and could transform the current account market," said economic secretary to the Treasury Andrea Leadsom, MP.
"It will help customers understand how they are spending their money and whether they can get the best deal.
“It’s also very important that customers know their data is protected if they wish to take advantage of this new tool, which is why I’m pleased the banking industry has worked closely with the government and the Information Commissioner’s Office to make sure safeguards are in place, particularly around anonymising an individual’s banking data.”