Switching
current accounts in order to get a better deal is now a simple procedure, an expert has claimed.
Recent figures from Consumer Focus revealed that three-quarters of customers had never considered moving their
current account to another bank, with many reluctant to do so due to unnecessary hassle.
However, Stefan Maryniak, personal finance expert at uSwitch said banks have made the procedure more straightforward in recent months to increase their competitiveness and entice more custom. Furthermore, a number of banks are now offering a switch guarantee which compensates customers if the switching process takes longer than advertised.
Mr Maryniak said consumers should feel confident about switching their bank if they feel they can get a superior deal elsewhere.
"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," he said. He pointed out that an increasing number of companies are now using teams specifically assembled to ensure that the switching process runs smoothly.
Consumer Focus head of financial services, Sarah Brooks, also advised customers to be more proactive in order to get the best from their banks.
