More than six in 10 consumers have said they are aware of the new seven-day current account switching service, as the new service gathers momentum.
A recent study by Industry Branding has gauged consumers’ options of the banking industry two months after the launch of the new £750 million system.
The survey revealed that 62% of respondents were aware of the new switch service, which allows customers to transfer bank accounts within seven days and guarantees to refund customers if anything goes wrong.
One in five said they were more tempted to switch banks as a result of the new system.
(Find out more about the new current account switch system here.)
What are banks doing to win your custom?
The scheme has boosted competition in the market for current accounts, with banks eager to tempt disillusioned customers to switch using the new system.
In August, RBS and NatWest revealed that customers who register for a new rewards scheme would be able to earn cashback through using their debit cards (read more).
Halifax also joined the cashback brigade in the summer, with a new Cashback Extras scheme allowing customers to earn between 5% and 15% on selected items at participating high street stores (read more).
The accounts compete with Santander’s popular 123 current account, which offers both cashback and interest worth up to 3%. Santander has revealed that over one million new customers have signed up for the account in 2013.
Popular with survey respondents was the Nationwide Building Society, with almost half (44%) rating the mutual as one the best brands.
The society’s FlexDirect account offers a stunning 5% interest on balances up to £2,500 in the first year, which is far and above any returns available through easy-access savings accounts.
But the reputation of the beleaguered Co-operative Bank has taken a hefty blow, following revelations about its precarious capital position and the announcement that an inquiry will be launched into the appointment of former chairman Paul Flowers.
Only one in four (27%) now rate the ethical bank as a reputable brand.
Interested in what banks are offering? Check out our current account page!
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