Gocompare.com comments on latest figures from the Current Account Switch Service.
Commenting on the rising number of current account switches as announced by the Current Account Switch Service, Gocompare.com’s head of money, Matt Sanders, said: “Current accounts are historically one of the least switched financial products, with most people sticking with the same account for their entire lives, even if it’s not the best one for them. As such, record current account switching numbers are encouraging news, but there is still some way to go.
“New innovations such as the midata current account switching service, which Gocompare.com launched with the Government last March, mean that it has never been easier for people to cut through the clutter and find the right current account for them. The midata service, which is the only one of its kind in the UK, analyses customers’ actual current account usage, making thousands of calculations to show people, in pounds and pence, the best current account for them. This effectively takes all the guess work out of picking a new account.
“Not only has it never been simpler to switch, but with some really attractive interest rates and offers available through current accounts, now is a really good time to reconsider what you’re getting from your existing provider and seeing if you could be better served elsewhere. The interest rates available in current accounts at the moment trump the best the ISA market has to offer, and with new challenger banks entering the fray, there are some genuinely new offerings for customers.”
On the increasing trend of playing the current account market for higher interest rates offered by savings accounts, Matt added: “The most cash-hungry and extreme switchers don't just do it for their everyday banking, they do it for their savings, using an intricate web of sole and joint accounts churning cash and balances for maximum reward. It's not every day you can get one up on your bank but this is a sure-fire way of doing so.
“Those in the know realise that the juiciest returns are currently on current accounts – it just takes a bit of bottle to back the service but once you're in and can see how simple it is to switch, the fear goes out the window, and so does your banking loyalty.”
For more information on the UK exclusive, Government backed midata current account switching service visit; http://www.gocompare.com/money/midata.
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