More than a million want to switch current account

www.moneynews.co.uk > Banking > More than a million want to switch current account

More than a million want to switch current account

Mon 5th Feb 2007

Over a million people are planning on switching their current account to a different provider within the next six months, new research reveals.

Financial comparison website MoneyExpert discovered over 1.38 million customers in the UK are set to change their current account in the first half of 2007, citing better rates elsewhere and anger over penalty charges.

According to MoneyExpert, the Financial Ombudsman Service is currently inundated with queries regarding bank charges and is dealing with over 1,000 inquiries per day.

Sean Gardner, chief executive of MoneyExpert, stated: "It used to be you were more likely to get divorced than to change banks but increasingly that is not the case.

"Customers have got the message that it is relatively straightforward to move bank and that there are a range of good value deals out there. The advice has to be that if you are unhappy with the deal from your bank you should move."

Mr Gardner stressed that customers must shop around when looking for a current account that suits them as people who are regularly overdrawn require an account that offers a lower rate for overdrafts.

At present, the Office of Fair Trading is investigating claims that penalty charges employed by banks and building societies when a person goes over their authorised overdraft for instance are unlawful.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'