Bank yourself a better deal in 2015

in Money Affairs

The Consumer Council says ‘Bank yourself a better deal’ as it launches week three of its ‘Be Wise with Money Campaign’.  If you are a bank customer who is fed up with poor customer service or low interest rates then make 2015 the year you switch bank accounts.

In recent years switching banks has become much easier due to a new current account switching service introduced in 2013.  Since then 1.1 million have switched banks in the UK. 

Rachael Cray, Head of Money Affairs says: “Many consumers have already availed of the hassle free seven-day switching service and are enjoying the benefits of a personal current account which works for them.  However, our research shows that many of us choose not to switch because of loyalty to an existing bank, fear of payments going astray or difficulty in choosing a new bank account. 

“In January, many of us plan to review our finances and your personal current account is a good place to start.  The Consumer Council would encourage bank customers to read our ‘Guide to Switching Bank’ leaflet which sets out clear and concise information to help bank customers through the process. 

“It’s worth reviewing what you want from your account and which bank offers you the best deal.  You can use a reputable price comparison website to help you find a new account that suits you.  Many banks are offering competitive interest rates and incentives for new customers.  By switching banks you could gain a better interest rate, cash back rewards, the possibility of lower overdraft charges and added perks like free travel insurance or breakdown cover”.  

For more information download the Consumer Council’s ‘Guide to Switching Bank’ and use price comparison websites to get the best deal.  See www.simplerworld.co.uk for more details.

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