“These early figures are a positive sign that more consumers might be voting with their feet when they’re dissatisfied with their bank, but suggest that the new process alone will fail to transform switching rates and significantly increase competition in banking.
“Banks must make it simple for people to compare the cost of running a current account so they can be confident in their choices and give customers a reason to switch by offering better products and customer service.”
1. Which? is currently of monitoring the new 7 working day switching process and has developed seven tests to assess how it is working for customers:
Seven days – does the switching process work?
Willing – are more people switching?
Innovation – has it led to new products and service?
Trust – do people have more confidence in the switching process?
Competition – is this shaking up the market?
Hassle-free – what happens when things go wrong?
? – did people get a better deal and are they happy with their provider?
2. If you’re unhappy with your new bank, the Which? Consumer Rights website has advice on how to complain.