Commenting on the publication of the latest switching figures from the Current Account Switch Service, Tashema Jackson, money expert at Uswitch.com, says: “Awareness of the Current Account Switch Service may be high, but the numbers show that in reality each year fewer people are using the service. Clearly more needs to be done to open people’s eyes to the fact that banks need not be a lifetime companion.
“The recent CMA announcement on the changes Bacs will be making to the service, including the commitment to provide a decision on overdraft provision prior to switching, could give a much needed boost to improve this traditionally stagnant market. Greater transparency coupled with a more trust-worthy system will empower consumers to better manage their finances and make the most of where they keep their money.
“The fact remains that there are real benefits on offer for those prepared to go through the switching process. Some accounts offer favourable savings rates such as Nationwide’s FlexDirect, which pays 5% on balances up to £2,500 for the first 12 months, and Tesco’s Current Account, which offers 3% to consumers with up to £3,000 saved. There are also plenty of banks and building societies offering switching incentives including up to £250 cash, fee-free overdrafts, cashback on everyday spending and fee-free withdrawals when overseas.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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