Alastair Douglas, CEO of TotallyMoney, comments on the ease in which savers can switch their bank accounts to others offering higher rates and more perks.

TotallyMoney investigated current account switching, and how millions of adults could be missing out on better banking. The research found:

• TotallyMoney data shows just one in five people have opened a new current account in the past 12 months, and half have been with the same bank for more than 4 years
• The Big Four Banks (HSBC, Lloyds Banking Group, NatWest Group, and Barclays) dominate current account market share with 75%, yet none feature in the government regulators’ survey top five for service
• Switching banks can not only earn customers sign up bonuses of up to £175, but can also offer access to improved savings rates of 4.1%, up to £250 interest-free overdraft, and better customer service
• The Current Account Switch Service performs 99.7% of switches within seven working days, and has a satisfaction rate of 91%. Just 2% of switchers think their new bank is worse than their previous one.

On switching current accounts, Alastair Douglas, CEO of TotallyMoney comments:

Changing banks might seem daunting — especially if like many, you’ve been with the same provider for a few years. But with the Current Account Switch Guarantee, you can transfer balances, Direct Debits and overdrafts, while payments sent to your old account will be redirected to your new one. So you won’t need to worry. And 99.7% of switches are complete within seven working days.

But while the switching process is easy, you should always read the smallprint to make sure that the account is right for you. This is especially true if you’re looking to make the most out of a sign up bonus — as you’ll usually need to jump through a few hoops to land it. Often, the bank will require you to deposit a certain amount, transfer a number of Direct Debits, and to use your new card and app. 

Our message is clear — loyalty doesn’t pay, but changing who you bank with can. Not only could you be eligible for a sign up bonus, but also an interest-free overdraft, better savings rates, cashback, fee-free foreign spending, and other rewards and perks.

Full release: New research finds 4 in 5 adults could be missing out on better banking

✉️ James McCaffrey, Totally Money, jmccaffrey@totallymoney.com