Three Quarters (77 Per Cent) Of Current Account Switchers Would Consider Switching Again
16 September 2016
- Switch and switch again: three-quarters (77 per cent) of current account switchers would consider moving to a new provider in the future
- UK’s flagship switching facility, the Current Account Switch Service reaches its third anniversary today
- Since its launch more than 3.2 million successful switches have taken place
The Co-operative Bank comments on the third anniversary of the UK’s Current Account Switch Service (CASS), through which more than 3.2 million successful switches have taken place.
Matthew Carter, Products and Marketing Director at The Co-operative Bank, said: “The launch of the Current Account Switching Service three years ago has made switching accounts easier than ever before. With more than three million successful switches taking place, today’s figures highlight just how many customers have benefited from the service.
“Our own research shows that three-quarters (77 per cent) of overdraft holders who have switched in the past three years have not only taken the opportunity to shop around for a better deal once - but would consider moving to a different provider again in the future. This is exactly the sort of confidence and competition the service is intended to inspire.
“We would urge prospective current account switchers to think carefully about their everyday financial needs when weighing up the different options available to them; it is important to think beyond switching incentives alone, and consider the other features of the account to ensure they are better off in the long-term.”
The Co-operative Bank offers up to £216 cash reward for switching to its current account - £150 incentive for new customers using the full Current Account Switching Service to take out a current account and customers who opt in ‘Everyday Rewards’ can earn up to a £5.50 cash reward into their account each month.
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Notes to editors:
Research of 2,000 UK adults carried online, 6-8 September 2016.
References to ‘switchers’ refers to those current account holders with an overdraft who have switched within the past three years.
Key features of The Co-operative Bank overdraft:
- A clear, simple and transparent charging structure that makes borrowing cheaper for all of our customers
- It is designed to put customers in control of their finances and not penalise customers for small mistakes or occasionally slipping into a debt position
- £20 buffer zone and discretionary waiver
- No unpaid item fees
- Industry-leading quarterly cap of £60 on charges, as opposed to the industry norm of a monthly cap
- Reduction in informal charge, lowering the overall cost of unauthorised borrowing.
- Everyday Rewards customers can earn up to £5.50 per month on their account, even if they go into the red. Other providers remove reward benefits if customers go overdrawn.
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around 4.4 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.