Consumers 'not shy about switching bank accounts'
Consumers 'not shy about switching bank accounts'
No matter where you go in the UK, it seems consumers everywhere are keener than ever to make sure they have the best current account - with many happy to vote with their feet if they feel the service they are receiving is not up to scratch.
This is according to recent research published by consumer watchdog Which? that posed the question to people across Britain. It was discovered that on average, 68 per cent of respondents admitted they would be likely to change their bank account if they were unhappy. Those in Northern Ireland were the most adamant on the matter, with 85 per cent saying this was the course of action they would take. This region was followed by residents of Yorkshire and Humberside (73 per cent), the North West (71 per cent), the North East (70 per cent) and the South West (69 per cent).
Consumers in the West Midlands were just behind at 68 per cent, and then came the South East (67 per cent), East Midlands (66 per cent), Greater London (65 per cent) East Anglia (64 per cent) and Scotland (63 per cent). The least likely to change current accounts in the UK were people in Wales, but even here 58 per cent said switching was better than sticking with an account that didn't work. Commenting on the matter, Which? chief executive Peter Vicary-Smith said there were many reasons consumers might want to change and it was their opinions that could decide the future of the industry.
With all this in mind, is it about time you considered the facilities of your account and whether or not they are the best for your needs? You may currently have a package that cannot be accessed via the internet, but there are all manner of online bank account options available to you that might be worth thinking about.
You may find the process is particularly easy and requires much less in the way of filling in forms than you would expect. This is in part due to changes in European law in 2008 that were implemented in order to make switching simpler for consumers. The rules also involve both your old and new bank account provider and require them to work together to ensure the transfer of payments, direct debits, standing orders and other information is done as rapidly and hassle-free as possible.
So why not take a look at your current account today and see if you might benefit from being one of the consumers up and down the UK that are making sure they are equipped with the best current accounts?