CYBG to launch bank app energy switching service
B customers will be able to compare and switch energy suppliers on their smartphone due to the tie-up with the price comparison site.
CYBG, which comprises of Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands, says B Smart is the first energy switching service offered by a UK bank.
According to CYBG, three-quarters of B customers with energy direct debits are currently with one of the “big six” energy suppliers – but these tend not to be the cheapest option. According to Ofgem, consumers can save up to £375 a year by switching from a standard tariff to the cheapest deal on the market.
Pete Dockar, head of customer propositions at CYBG, said: “Our customers know we are not a typical bank – we want to help our customers make the most of their money so they can spend it on the things that matter most to them. B Smart is further proof of our relentless ambition to put our customers first in all we do and not be constrained by traditional banking products and services.”
Hannah Iles, director of platform services at GoCo Group, said: “We’re all about saving people everywhere time and money, and this includes reaching people with our services at times and in places that are convenient to them. By partnering with CYBG we can bring our energy comparison and switching capabilities right into their banking app, so that finding and switching to great energy deals is easier than ever.
“CYBG have been the perfect partner for this as they share our belief that tech and product development can and should be used to make money management as simple as possible, helping people to take control of their finances with minimal hassle.”
Customers who switch energy suppliers via B Smart will receive £20 cash for each fuel they switch – so £40 if they switch both gas and electricity. The money will be paid into customers’ accounts within 45 days of them moving providers.
The B Smart app is available in B Store. Launched last year, B Store is a marketplace of CYBG digital services which supports day-to-day financial and lifestyle needs.
CYBG announced last month that it will rename the entire business Virgin Money. All rebranding is expected to be complete by the end of 2021.