Tuesday 25th October 2016                 Change text size:

Bank switching scorecard launched to help customers find ‘something better’

cash machine By Vaughan Willis via stock.xchng

If you want to make use of the new current account switching service to make a fresh start with a new bank, but you’re not sure where to go, then campaign group Move Your Money may be able to help.

The campaigners have launched a ‘scorecard’ to coincide with the new switching service, which came in on Monday.

The new switching service is part of a £750million initiative that will make it easier for customers to switch current accounts between banks, aiming to make the process fairer and increase competition between banks.

The ‘scorecard’ rates banks on their ethical performances in an attempt to help customers make more informed choices about which banks to move to. The ‘big five’ – Barclays, HSBC, Lloyds, RBS and Santander – are said to be among the least honest and the poorest performers in customer service.

Top ‘green’ rated performers include Cumberland, Coventry, Reliance, Leeds, Metrobank, Handelsbank and the Islamic Bank of Britain.

Laura Willoughby, CEO of Move Your Money said, We know people are demanding more than broken banks that take us for a ride. We are giving everyone the information they need to break up with their bank and switch to something better.”

Six volunteers will be tweeting throughout their switching experience; @jembendell, @zoesqwilliams, @durry14, @jesstherese and @hannah_rm will be sharing their thoughts on the new switching service.

Last week, Move Your Money warned customers to be wary of “hollow sweeteners”, as high street banks compete to keep existing customers or gain new ones. This came after a report published by the Payments Council suggested that 70% of customers would use the switching service to look for better deals.

Willoughby added, “You dont have to put up with disgraceful scandals, poor service and excessive bonuses anymore. Its payback time – you can switch!

Another recent poll suggested that two in five will consider switching banks under the new service.

To view the switching scorecard, click here. 

Further reading:

 Don’t be bribed, bank campaign group warns high street customers

Two in five will move banks after launch of switching scheme in September

‘Pay back time’ for big banks as launch date for switching service announced

 Government backs £750m IT system to make switching banks simpler

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