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Current account customers reach for the switch

06 March 2007
Four out of five customers signed up to one of the big five banks are ready to switch, personal finance website has discovered.

In the aftermath of a month of record profit reports from the Big Five - HSBC, Royal Bank of Scotland, Barclays, Lloyds TSB and HBOS - customers said they would see no reason not to transfer their allegiances to a smaller rival.

Royal Bank of Scotland has wooed customers more successfully than its big-name rivals with only three out of four of its customers saying they might switch if the incentives were right.

But a growing number of customers are putting their finger on the switching trigger, with two in five of those who have been with the same bank their whole lives ready to switch.

Banks have lost many customers' confidence recently after an Office of Fair Trading investigation into high banking fees.

Banks conscious of customer dissatisfaction are increasingly luring new account holders with offers such as the £100 cash for new Halifax customers, which is payable only after two consecutive monthly payments of over £1,000 into the account.

To learn more about current accounts, click here.

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