Commenting on the news that Tesco Bank has frozen new sign-ups to its 3% interest current account after tens of thousands rushed to sign up, Tashema Jackson, money expert at Uswitch.com, says: “The surge of sign-ups to Tesco’s current account – following its 3% interest guarantee – shows the scarcity of options for consumers looking to make the most of their savings. Now that access to this oasis in the barren world of attractive, high-interest current account deals has run dry, consumers will once again be left with slim pickings when it comes to finding a good deal for their savings.
“Despite current account switching levels dwindling the fact remains that when attractive deals do present themselves consumers are prepared to vote with their feet. Banks willing to up their game and offer customers a great deal will reap the rewards in what has traditionally been a stagnant switching market.
“For consumers looking to make the most of super savings rates, Nationwide’s FlexDirect, pays 5% on balances up to £2,500 for the first 12 months. There are also plenty of banks and building societies offering switching incentives including up to £250 in cash, fee-free overdrafts, and cashback on everyday spending.”
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
Notes to editors
Figures calculated using figures supplied by BACs which show that 257,638 switches took place during the fourth quarter of 2015 compared to 208,387 switches taking place the fourth quarter of 2016.
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