The Law is changing!IMPORTANT! Data protection laws are changing soon. Don’t miss out – tell us how you’d prefer to be contacted now.
Will unhappy banking customers switch in 2013?
Published 15 April 2013 by Helen Gradwell
There have been predictions that this year will be a big year for people switching their bank accounts. This is partly due to upcoming changes in the switching system - and partly due to customer dissatisfaction and complaints.
The Financial Conduct Authority (formerly the FSA) has released figures showing the number of complaints about financial services in the second half of 2012.
These figures reveal that in the last six months of last year, there were 728,284 complaints about banking products - which includes current accounts, savings accounts and credit cards.
Although there was a decrease of 6% in complaints about current accounts specifically, many experts believe that 2013 will be a big year for switching current accounts. People are predicted to switch for a number of reasons, including:
- The introduction of a faster switching service in September. This will allow people to switch their current account in just seven days. At the moment, the process takes around three weeks.
- New entrants in the current account market, including the Post Office
- Dissatisfaction with bank account providers.
Kevin Mountford of MoneySupermarket.com said: "Banks are going to have to up their game. There could be an interesting 12 months ahead."
Ian Williams of thinkmoney commented: "Dissatisfaction appears to be mounting when it comes to the 'big banks', and experts are predicting that many customers will switch this year.
"If you're thinking about switching, remember that high-street banks aren't the only option. There are other account providers that could help you, including building societies and independent account providers.
"For example, the thinkmoney Managed Current Account gives you a secure place to store your money, but it also provides a built-in budgeting service that's managed by our dedicated Money Managers. They'll put enough of your money aside each month to make sure the bills you've told them about are paid - leaving you with money you know you're safe to spend."