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There’s no need to wait for an app to check if you’ve got the right bank account

09 August 2016 comments on the reforms recommended in today’s report from the CMA

Matt Sanders, head of money at commented on today’s CMA report;

“The reforms the CMA have called for are a positive step for consumers, 40%* of which have never switched their bank account. Pushing the banks to make it easier for consumers to properly compare the charges and benefits of bank accounts will help customers to choose an appropriate account for their needs rather than simply the one offering the highest rate of interest on their balance or seemingly the most generous rewards scheme.

“However, the ability to compare bank accounts based on individuals’ own usage data is available today without waiting for the banks to develop a new app. Last year launched the UK’s only midata powered comparison service. The free to use service, which is still the only one of its kind, uses customers’ midata files from their online banking service to securely calculate the best current account for them based on how they actually use their account. The results are displayed showing how much better off they could be in pounds and pence if they moved their account.

“This service takes all of the guesswork out of finding the right current account. However, to date the banks have not gone out of their way to promote this service or make it easy for customers to access their own data and transfer it to the midata comparison tool. Clearly they have a vested interest in keeping hold of their customers for as long as they can.

“The reforms being put forward by the CMA could be the kick the banking industry needs to finally put resource behind making it easier for customers to compare accounts and switch to better deals.”

See's guide for more information on the midata powered current account comparison service.

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Notes to editors:

* From March 16th 2015 to March 17th 2015 an online survey was conducted among 2,005 randomly selected British adults age 18+ who are also Springboard United Kingdom Community members. The margin of error-which measures sampling variability-is +/- 1.8%, 19 times out of 20. The results have been statistically weighted according to the most current data on age, gender, region, and education from the most recent census data, to ensure the sample is representative of the entire adult population of the UK. Discrepancies in or between totals are due to rounding.