Feb 6 2007
Banks could be under increasing pressure as many savers, such as those saving for their children, have taken on the message that it is relatively simple to switch from one bank to another in the search for a better deal.
Independent financial comparison service MoneyExtra reports that consumer dissatisfaction regarding what are perceived as excessive bank charges combined with competition between providers will lead to 1.38 million customers switching current accounts in the next six months.
Sean Gardner, chief executive of MoneyExpert, said: "Customers have got the message that it is relatively straightforward to move bank and that there are a range of good value deals out there."
He added that consumers that are dissatisfied with a deal offered by their bank, they should move to another provider.
Earlier this year, MoneyFacts noted that increased competition in the market during 2007 will mean that there will be a number of good deals available for savers.
