26 September 2016
Find out more

UK preps current account comparison service

24 June 2014  |  6610 views  |  1 office workers

Brits will soon be able to download all of their current account data and feed it into online tools that help them pick the best banking provider.

The government has been working with comparison tool providers and banks on the initiative in a bid to boost competition by making it easier for people to see which current account might be best for them.

With Barclays, HSBC, Lloyds, Nationwide, RBS and Santander now committing to the project, by the end of the year customers will be able to download a year's worth of their current account data in single file that can be read by online tools.

While the information will be stripped of any details that link it to the individual directly, to make it safer to use, it will include what shops money has been spent with, as well as how much has been spent.

This, says the government, will help people see if, for example, opening an account at their regular supermarket could be a good deal if it comes with reward or loyalty points.

Andrea Leadsom MP, economic secretary to the treasury, says: "This initiative has the potential to make a real difference to customers and competition. By helping customers get a much better understanding - for the first time - of how they are spending their money, and which is the best product for them."

The project is part of the government's midata programme, launched in late 2011, which aims to give Brits portable, electronic access to the information held on them by public and private bodies to help them better understand their own consumption behaviours and patterns.

Comments: (1)

A Finextra member
A Finextra member | 25 June, 2014, 09:19

Laudable objectives with real potential to boost competition. Measures to protect the sensitive spending profiles must be a top priority.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK competition watchdog proposes price comparison site for payday lenders

UK competition watchdog proposes price comparison site for payday lenders

11 June 2014  |  3049 views  |  0 comments | 2 tweets | 1 linkedin
UK government creates payments watchdog to boost competition

UK government creates payments watchdog to boost competition

10 October 2013  |  14281 views  |  4 comments | 16 tweets | 5 linkedin
UK govt opens midata innovation lab

UK govt opens midata innovation lab

10 July 2013  |  4982 views  |  0 comments | 14 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
Visit dh.comVisit capgemini.comFind out more

Who is commenting?

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
13128 views comments | 50 tweets | 46 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8517 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
8036 views comments | 32 tweets | 16 linkedin
Time has come to extract value from blockchain investment – new Finextra paperTime has come to extract value from blockc...
6880 views comments | 22 tweets | 16 linkedin
FCA to kickstart sandbox with 24 applicantsFCA to kickstart sandbox with 24 applicant...
6828 views comments | 33 tweets | 15 linkedin

Featured job

Find your next job