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Banks vying for current account customers

Banks vying for current account customers

Category: Banking

Updated: 13/12/2012
First Published: 10/02/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers are currently the subject of a tug-of-war between providers looking to attract current account customers.

Attracting people to take current accounts is one of the key objectives for high street providers as consumers usually use their own banks or building societies as the first port of call when taking other products, such as credit cards, loans or even mortgages.

But with people famously reluctant to change their current account, providers have had to offer people a little bit extra to secure their business.

Moneyfacts.co.uk recently revealed that the introduction of 'switcher incentives' appears to have intensified in the last few weeks, with high street providers including Halifax, HSBC and Santander all making a play for new customers.

Some deals hope to attract new customers by offering a cash payment, while others have pinned their hopes on interest-free overdrafts catching the eye of consumers.

From next year, rules will be introduced to make switching bank accounts even easier, with waiting times cut.

With the vast array of current accounts on offer and providers pulling out the stops to entice new customers, people were given a chance to have their say on current accounts in the recent Consumer Moneyfacts Survey.

As current accounts are by far and away the most prominent personal finance products used by consumers, it was no surprise to see thousands of votes cast in the Best Current Account Provider category.

The survey went to consumers via Moneyfacts, its media partners AOL and my money24, and also featured in The Telegraph, The Guardian and The Independent Online.

And it was Barclays that beat off its competitors to win the much coveted prize.

More than 60,000 consumers provided feedback for the awards, making it the largest survey of its kind.

" Barclays has been recognised for its extensive range of straightforward current accounts," Sylvia Waycot of Moneyfacts said.

"As the debate over current account charging continues, competitive rates, excellent customer service and an array of additional benefits ensured that it edged ahead of its rivals."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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