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Consumer interest in current accounts soars

Your Money
Written By:
Your Money
Posted:
Updated:
05/12/2014

Consumers have started to respond to the advertising blitz from current account providers ahead of next week’s launch of the new switching service, research from uSwitch.com has revealed.

Visits to the comparison site’s current account pages rose 25% in August compared to July, with first direct, Nationwide and Santander attracting the most interest. The figures come despite a report this week revealing that four in ten consumers make little effort to switch household providers.

Michael Ossei, personal finance expert at uSwitch.com said: “Banks are bracing themselves for the launch of the new switching service which will make it much easier for customers to jump ship and move their current account to a new provider. In a bid to protect their market share they have launched major advertising campaigns, with some running as far back as July. This is evidence that their investment could be paying off.

“The renewed consumer interest in current accounts is great news for competition. Banks will have to work harder to both attract new customers and keep their existing ones, which means that accounts must offer better value for money and customer service.”

The new Current Account Switch Service comes into force on 16 September and will make switching from one provider to another quicker and easier.


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