We’ve launched a current account comparison service you can bank on

Over the last four years, the number of personal current accounts has increased by 15%, from 87 million to more than 100 million, and the average UK adult has two current accounts.?

The market is dominated by the Big Four Banks (HSBC, Lloyds Banking Group, NatWest Group, and Barclays), who have 75% share of the market. However, none feature in the Competition and Markets Authority’s top five (of 17) rankings for overall ‘quality of service’.?

At the same time, half of TotallyMoney customers have stayed with the same bank for more than four years, and just one in five have opened a new account in the past 12 months. Which means millions could be missing out on a better banking experience.

Reasons given for not switching include: I am happy with my existing account provider (60%), I have never considered switching (23%), and it’s too much hassle (23%). But the current Account Switch Guarantee means 99.7% of switches are complete within seven working days, with balances, Direct Debits and payments received automatically transferred. It has earned a satisfaction rate of 91%, and just 2% of switching customers feel that their new bank is worse than their previous.

Which is why we’re working with banks and the Current Account Switch Service to offer TotallyMoney customers the opportunity to easily compare the options available to them, and the benefits provided. These might include sign on bonuses, improved savings rates, interest-free overdrafts, and better customer service.

The new service is now live in the TotallyMoney app — and with our existing relationships with both big banks and challengers, we’ll be able to offer customers a range of options to suit their needs, while helping newer entrants launch to market.