Commenting on the latest current account switching data which reveals that the Big Four banks have lost 200,000 current account customers, Nicolas Frankcom, money expert at Uswitch.com, says: “It’s hardly surprising that the biggest high street banks are suffering, especially following RBS’s recent computer glitches and the mediocre products offered by Barclays and Lloyds.
“The biggest winners are banks that offer current accounts paying competitive rates of interest – such as Santander’s 123 account or Nationwide’s FlexDirect – and offer a real alternative to the struggling savings account market. Consumers are realising that a bank account doesn’t have to be for life, and that switching can be a simple way to boost their balance.
“In fact, there are plenty of competitive offers on the market if you look even further afield to the new challenger banks such as Tesco Bank – which pays 3% interest and offers Clubcard points.”
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Katherine Moss
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