Gocompare.com comments on the announcement today (Wednesday, March 18th) in the Budget that the midata current account comparison tool will launch on March 26th,
Matt Sanders, Gocompare.com's banking spokesperson, said: "Gocompare.com is excited to be leading the way when it comes to using midata to provide more meaningful current account comparisons. Helping people make better-informed financial decisions is at the heart of what we do as a company, and by making use of midata we can enable our customers to use their actual current account data to help them find what's really right for them.
"Despite initiatives such as the seven-day current account switch guarantee scheme, people are still reluctant to switch away from their under-performing banks, with just 8% having done so in the last 12 months.* Helping people use midata will simplify and improve current account switching by matching up individuals with the right deals based on their banking history.
Matt added: "The Competition and Markets Authority (CMA) announced last year that it is to carry out an inquiry into the current accounts market. It has concerns that it is still difficult for people to make comparisons between banks, particularly for overdraft charges on personal current accounts. Midata for current accounts should help to combat this and enable people to make an informed decision on which current account is right for them based on the way they use their current account."
"Midata will also push innovation in the current account market, which has been stagnant for some time. It will force banks and building societies to offer bank accounts that customers really want and need."
For more information on midata for current accounts, read Gocompare.com's dedicated midata current accounts guide.
Notes to editors
* From March 16th 2015 to March 17th 2015 an online survey was conducted among 2005 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.
Gocompare.com and the launch of midata for current accounts is mentioned in the government's policy paper on banking for the 21st century, published on the 18th March: https://www.gov.uk/government/publications/banking-for-the-21st-century-driving-competition-and-choice