Price comparison site GoCompare reports a 100% increase in the number of people using its current account comparison service following the chaos caused by TSB’s attempt to move customers’ accounts to a new platform.
The number of people using the service increased rapidly on Monday, peaking on Tuesday and has stayed at that level since.
Georgie Frost, consumer advocate at GoCompare, commented: “With the disruption at TSB there will be a large number of very disgruntled customers thinking about switching to another bank, while the well-publicised problems may well have made other bank customers consider their options too.
“If you’re unhappy with your bank, or looking to get more from your money, switching current accounts is easier and quicker than you might think. You could even get a ‘golden hello’ with some banks offering some worthwhile incentives for those that make the leap. Offers range from up to £185 in M&S vouchers from M&S Bank, to £150 with HSBC, if you prefer cold, hard cash.
“It shouldn’t just be all about the switching bonus though. You could also benefit from a higher rate of interest on your balance or a free authorised overdraft, depending on how you tend to use your account.
“As the TSB situation has shown, good customer service goes a very long way. Research what other customers have said. You should also consider how you plan to interact with your new bank – do you need a bank with a branch close by or just a great mobile app service. Either way, make sure the account is right for you.”
Current account switching rates in the UK inched up for the quarter to end March. A total of 273,470 switches were completed in the first three months of 2018, the highest quarterly total since the first quarter of 2016 and an increase of 10% compared to the corresponding period last year.
The most up to date brand figures for switching cover the quarter to end September 2017 as the data is released six months in arrears.
In the third quarter of 2017 TSB attracted a net 7,500 switchers.
GoCompare’s current account service is at https://www.gocompare.com/current-accounts/
