Treasury wants bank switching to be more like energy market
PRICE comparisons between different banks’ current accounts will soon become clearer under a plan announced yesterday by the Treasury and the Money Saving Expert website.
The two hope that a new system will allow customers to type in their financial details and receive advice on which current accounts are best for them.
Currently comparison sites give overall details of how the accounts work, but do not factor in each customer’s spending habits.
The new set up would provide a service like that on offer to compare energy suppliers.
More customers are switching accounts now it is possible to move account in seven working days, automatically transferring direct debits and bill payments.
But the Treasury fears the range of offers and fees in the market may make the choice unclear.