Millions switching in current account melange

Millions are taking advantage of new-found competitiveness in the current account sector and switching deals, new figures have shown.

Research from Group 1 Software has shown that around 8.7 million current account holders in the UK switched deal last year – twice as many as in 2003.

A sudden burst of competition and decent rates of interest has encouraged a renewed wave of change since the beginning of the year as people compare current account deals.

New banking regulations has also eased the process of changing company, with you old current account provider required to pass all details such as standing orders and direct debits onto a new bank or building society.

“The banking industry, it seems, can no longer rely on customers being reluctant to change their bank,” said Andrew Greenyer, of Group 1 Software.

“As the branch network comes back into favour as a worthwhile element of customer service, we can expect to see high value customer privileges and rewards being delivered through this channel,” Mr Greenyer explained.

“Now we can expect a sharper focus on better personalised marketing and customer care, with hard results across the customer base.”

© Adfero Ltd

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