Millions of people are planning to switch their current account provider in the first half of 2007, according to the latest figures, in news that may have long-term implications for the banking industry.
Research from financing website MoneyExpert has found that 1.38 million banking customers are planning to move their current accounts within the next six months.
Taking advantage of superior savings rates from other banking institutions and avoiding high penalty charges for going overdrawn are among the main reasons why people are considering making the switch, it is suggested.
Sean Gardner, chief executive of the financing website, commented on the findings.
"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," he said.
"If you are unhappy with the deal from your bank, you should move."
Last week, Halifax announced that people who switched to its current account will receive six per cent interest on credit balances.
In addition to this, the banking institution also confirmed that new customers would receive a one-off welcome payment of £100.
Banking institutions told 1.38m customers will switch current accounts
Financial Services > e-banking > Banking news
Banking institutions told 1.38m customers will switch current accounts
Tue, 06 Feb 2007
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