You are here: Home - Saving & Banking - News -

Account holders switching to better deals

Written by:

Some 2.9 million people are considering switching their current account over the next 12 months, new research has found.

The research, carried out for Defaqto and, showed that people were considering switching in search of higher interest rates. Several providers have upped rates recently – Nationwide Building Society now pays interest rates on credit balances of 4.25%, while Coventry Building Society pays 5.1% and Alliance & Leicester pays 5% – showing the offers available to consumers.

The research also found that four million people paid penalty fees on their current accounts in 2005 and Defaqto and believe the that these charges is one of the reasons why so many are planning to move.

Sean Gardner, chief executive at, said: “Industry experts have long argued that current account customers are unwilling to move banks as they believe the switch will be too much hassle.

“However this could be the year that customers finally start to wake up to the benefits of changing account and realise that a bank account doesn’t have to be for life.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Water companies turn off the taps

A hosepipe ban is to hit eight million people in the South East of England, after Thames Water introduced measures...