Banks must make it easier for people to compare current accounts, says Citizens Advice.
Responding to the Competition and Marketing Authority’s provisional findings of its retail banking market investigation, the national charity says banks need to make it easier for customers to switch accounts and encourage them to see if they could get a better deal elsewhere.
Gillian Guy, Chief Executive of Citizens Advice, said:
"Not switching bank accounts is hitting people's pockets.
"High street banks must make it easier for customers to switch current account, and prompt them to take action when they might get a better deal elsewhere. People live busy lives and are less likely to move bank accounts if they're unsure about finding a better deal or if the switching process is complicated or frustrating.
“Banks need to work together to make comparing current accounts simple and ensure customers can access their own data so they can assess which services best fit their needs.
"The issue of switching goes beyond the banking industry and the Government must keep up the pressure to make switching radically easier across everything from the energy market to mobile phones and broadband."