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Not switching bank account “hitting people’s pockets”

22 October 2015

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."

Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To get advice online or find your local bureau in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.