Co-operative Bank: Customers increasingly switching accounts

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Co-operative Bank: Customers increasingly switching accounts

Wed 10th Dec 2008

Co-operative Bank has published data which reveals that customers are increasingly switching their bank accounts due to the financial insecurity caused by the credit crunch.

The bank has recorded a 65 per cent increase in the numbers of customers moving their current accounts to Co-operative over the course of the last year.

According to the Co-operative Bank, such moves are reasonably rare, but in 2008 the bank has seen a 163 per cent increase in the number of customers switching from Alliance & Leicester and a 117 per cent rise in the numbers leaving the Royal Bank of Scotland for the Co-operative bank.

John Barker, the Co-operative's head of current accounts, said: "It was often said that people were more likely to get divorced than change bank accounts, but it appears this consumer apathy is a thing of the past thanks to the financial crisis."

Last month the bank reported that the total amount deposited by customers in personal accounts rose from £2.7 billion to £3.8 billion during 2008.

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