From a survey of 3,000 readers, Moneywise has learned that customers’ main reason for changing their current accounts to a new vendor is due to their new provider’s introductory offer(s).
These bank offers have made around 57% of those asked share that these policies were irresistible.
Other reasons for moving accounts include concerns over security, weighing in at 2%; a friend’s suggestion at 4%; and being incorrectly charged by their past vendor, 7%. At 11%, the consumer left after stating their bank give them poor service. Being overcharged by an existing provider (7% of respondents), a recommendation from a friend (4%) and security concerns (2%) were also drivers for people to switch accounts.
By far and away the highest have remained loyal by not leaving their current account (47%). Customers, weighing in at a rate of 36% have only changed one time, with 17% moving more than once. Moneywise readers who have already switched, categorise, to the tune of 70%, their experience as “seamless,” along with 24% encountered a few difficulties at first but say they are glad they changed. Only 1% of the survey takers said their change was a “disaster.”
These results come from information from 50,000 entries of Moneywise subscribers who voted during the Customer Service Awards 2017.
Those willing to switch may wish to take advantage of the best bonus available, offered by the Co-operative Bank Current Account, which gives out £110. Another offer is by First Direct, coming in at £100 cash for a move into one of the bank’s current accounts. As a guarantee of great service, First Direct will also give out an additional £100 if you are disappointed with the service, leaving after a first six-month trial.
In addition, there is Halifax which offers to switch consumers a £75 bonus for creating a Reward Current Account or Ultimate Reward Account. M&S Bank distributes a £125 M&S voucher if a new account switcher comes on board, as well as a £5 voucher each month for one year. Keep in mind that there are minimum buy-ins for all of the accounts and may have other rules.