MoneySuperMarket Comments on the Payments Council's Current Account Switching Figures

23rd April 2015

Commenting on the Payments Council's current account switching figures published today, Kevin Mountford, head of banking at MoneySuperMarket said: "The latest current account switching figures demonstrate that the service is working, with a seven per cent year-on-year increase and over 1.1 million switches in the time period.

As well as the enticing switching incentives we've seen in recent months, current accounts now offer competitive interest rates of up to 5.00 per cent, many of which beat those of savings accounts. So consumers assessing their finances in the run up to the new tax year may well have opted to put their savings in a current account instead.

"However, while personal current account switching has increased, the numbers are not overwhelming, so banks and building societies need to do some work to create innovative new products and drum up excitement to switch.

The FCA's recent review of the switching service made recommendations to encourage more switching, such as allowing customers to keep their bank number if they change providers, and if these go ahead we may see further improvement on figures in the future. Meanwhile, consumers should continue to keep banks on their toes, and look to change if they aren't happy with their current deal."