No hassle to get better current account interest rates, says uSwitch.com

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www.moneynews.co.uk > Banking > No hassle to get better current account interest rates, says uSwitch.com

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No hassle to get better current account interest rates, says uSwitch.com

A representative from uSwitch.com has claimed it is not hard to change current account providers.

Stefan Maryniak, personal finance expert at the organisation, suggested banks have got their act together and made it a simple procedure, with some even offering a switching guarantee.

He explained that this means the institution will compensate the client if the swap takes longer than expected.

In his opinion, consumers should feel assured that financial institutions are capable of carrying out such a change without any major problems.

"It's actually a very smooth and easy process, but because it often involves people's salary, direct debits and bill payments, it can carry a high fear factor," said Mr Maryniak.

The uSwitch.com spokesperson pointed out that many companies actually have dedicated teams to ensure that consumers do not have to deal with any hassle when they want to sign up for a product with another provider.

His comments were made in response to a statement by Consumer Focus, which indicated that 17 per cent of Brits have considered switching bank accounts, but decided against the move.

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