27 April 2018, 12:45

GoCompare sees current account comparisons double following TSB shambles

Comparison site GoCompare has seen a 100% increase in the number of people using its current account comparison service this week, following the chaos caused by TSB’s attempt to move customers' accounts to a new platform.

The number of people using the service increased rapidly on Monday, peaking on Tuesday and has stayed at that level since.

Georgie Frost, consumer advocate at GoCompare, commented: “With the disruption at TSB there will be a large number of very disgruntled customers thinking about switching to another bank, while the well-publicised problems may well have made other bank customers consider their options too. 

“If you’re unhappy with your bank, or looking to get more from your money, switching current accounts is easier and quicker than you might think. You could even get a ‘golden hello’ with some banks offering some worthwhile incentives for those that make the leap.  Offers range from up to £185 in M&S vouchers from M&S Bank, to £150 with HSBC, if you prefer cold, hard cash.

“It shouldn’t just be all about the switching bonus though. You could also benefit from a higher rate of interest on your balance or a free authorised overdraft, depending on how you tend to use your account. 

“As the TSB situation has shown, good customer service goes a very long way.  Research what other customers have said.  You should also consider how you plan to interact with your new bank – do you need a bank with a branch close by or just a great mobile app service.  Either way, make sure the account is right for you.”

For more information on switching bank current account provider visit: https://www.gocompare.com/current-accounts/

Current account best buys

Best interest rates

Bank

Account name

Interest rate

Yearly fee

Nationwide

Flexidirect Account

5%

Interest rate (AER)

Variable

For 12 months then reverts to 1% Variable

No yearly fee

Tesco Bank

Current Account

3%

Interest rate (AER)

Variable

No yearly fee

Nationwide

Flexidirect Account
(Packaged)

3%

Interest rate (AER)

Variable

Year 1: £156

Bank of Scotland

Current account

2%

Interest rate (AER)

Variable

No yearly fee

 Top switching incentives

Bank

Account name

Switching incentive

Yearly fee

HSBC

Advance bank account

£150

No yearly fee

HSBC

Premier bank account (packaged)

£150

No yearly fee

Halifax

FlexidirectAccount
(Packaged)

£75

Year 1: £180
(fee reduction available)

Halifax

Current account

£75

No yearly fee

M&S

Current account

Up to £185 in M&S Vouchers

No yearly fee

 

-ends-


For further information please contact:

Anders Nilsson or Martyn John at GoCompare on 01633 654 054 / 01633 654 725

Gordon, Jason or Liz at MAW Communications on 01603 505 845

Keep up-to-date with GoCompare on Twitter: @GoCompare

Notes to editors:

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

GoCompare does not sell its customers’ data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

For more information visit www.gocompare.com and www.gocomparegroup.com

 

 

Contact information

Gordon Maw

gordon@mawcomms.co.uk