A leading authority has called for changes in order to make it easier for consumers to switch their UK bank account. The Independent Commission on Banking (ICB) has made a series of recommendations which would make it easier for UK account holders to compare bank accounts and switch their banking from one provider to another.
Switching a UK bank account is too difficult
The conclusion of the report from the ICB found that conditions were ‘generally poor’ for consumers because of complicated and confusing accounts, the difficulties in switching a UK bank account and too much concentration in the market.
The ICB also recommended changes to the bank account switching process to overcome these problems. For example, the Commission recommended that consumers should be able to compare bank accounts and switch provider without changing their account number. So, if the changes were put in place, you’d be able to switch from NatWest to Santander bank accounts while keeping the same account number.
The report said: “There is reason to believe that a radically improved system for switching accounts could and should be introduced at a reasonable cost within a short timescale.”
Compare bank accounts to get the best deals
While improvements to the UK bank account switching process might be long overdue, the fact is that it is much easier to move your bank account than it was several years ago. Banks will now look after the transfer of all your direct debits and some deals, such as on Santander bank accounts, offer cash or other incentives to encourage you to switch.
If you are considering a new bank account, make sure that you do your homework. With dozens of accounts available it’s vital that you compare bank accounts in order to find the product that offers the right combination of rates, service and benefits.