With the 8th of January marking Divorce Day – the UK’s most popular day to start divorce proceedings - Tandem Bank product director Matt Ford revealed that despite the act of changing banking provider becoming simpler, consumers are still misinformed and discouraged.
Ford highlighted that incumbent banks and legacy players are continuing to profit from myths that surround switching banks. “It seems that no matter how many difficulties you have with your banking service, you stick with it, even more so than you would with a struggling marriage.”
He went on to reiterate that with Open Banking, it has never been easier to switch provider and for customers to benefit from the wide range of products that are currently on the market.
Alongside this, the 7-day switch guarantee means that consumers can change provider within a week and not be without access to their financial products for more than 48 hours.
Ford added: “The market has never been so diverse and the one-size-fits-all approach to banking is broken. Seek out the best from the market for your individual needs.
“‘Changing banks’ doesn’t have to mean switching every banking product. You could just opt for a better rate on your savings or a credit card that doesn’t sting you with fees when you spend abroad. It is remarkable that you are more likely to get divorced than to change your bank - it’s time we change that.”