News Column

Switching goes DIY

August 1, 2014

TSB - spun off Lloyds Banking Group in June - has revealed that customers are spurning the new current-account-switching service created by the banking industry and are instead moving their accounts themselves.

As the bank said it had opened 9.2% of all new and switched current accounts, its boss, Paul Pester, said: "We are still seeing some reticence in using the industry account-switching service. A lot of customers are still a bit nervous about using it."

Santander said one in four customers switching current accounts were moving to the Spanish-owned bank.

The Payments Council, which runs the free service, said the Co-operative Bank had been one of the biggest losers in switching in the three months to last December. Co-op and Smile gained 1,937 switched accounts during the period but lost 17,168. Rupert Jones

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Source: Guardian (UK)

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