Spiralling activity in current account switching

25 April 2007
Almost half a million more people left their current account provider in favour of a rival during the first quarter of 2007, the latest figures from MoneyExpert.com show.

Rising switching rates over the last six months brought the total number of customers departing for an alternative supplier to 2.3 million.

Although switching provider for consumer basics including broadband access, mobile phone use, and gas and energy for the home remained popular, seeking out the most competitive current account with the best added extras is where the real action is, according to MoneyExpert.com's chief executive, Sean Gardner.

As Britain's banks haemorrhage around 12,700 customers every day, high street current account providers must do more to court disillusioned customers, Mr Gardner stressed.

"People just won't stand for poor service or for uncompetitive deals," he said.

Nevertheless, the key to successful switching from the customer's point of view is customisation, he insisted.

Since "the cheapest deal isn't always the best deal", consumers must take care to shop around.

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