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One in ten to switch to new Post Office current account – poll

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
22/04/2013

Millions of Brits are set to switch their bank accounts following a wave of new entrants from trusted brands.

According to a MoneySupermarket.com poll, nearly half of Brits (46%) are now considering switching current accounts. One in 10 will switch to the new Post Office current account, while a further 10% will look for a better deal available to them in the market.

The Post Office announced earlier this month it was launching its first current account posing a serious threat to the stranglehold of the major high street banks.

For 26%, the Post Office’s announcement along with similar moves by other providers such as M&S Bank, has made them think about switching current accounts.

The poll also found there is still some way to go however, with 49% of people saying they wouldn’t be looking to switch their current account any time soon. While the majority of those said it was because they were happy with their existing provider, one in ten (9 per cent) simply can’t be bothered. Four per cent said they don’t know where to start.

Kevin Mountford, head of banking at MoneySupermarket.com, said:

“Although the Post Office has not yet revealed full details of the current account products it will offer, it is not surprising that their announcement, following on from similar moves by M&S Money, has prompted so many people to start thinking about switching their current account.

“The Post Office is a popular, trusted brand, and already has a large savings account portfolio. It also, has over 11,500 branches throughout the country. It is therefore likely to be a serious challenger in the current account market. Our poll has shown that one in ten people plan to switch to the Post Office current account, and it will be interesting to see whether this number increases once full details of the account are revealed. The key for anyone looking to switch is to think about how you use your current account, and then shop around for the deal that best suits your needs.”