Comparison site GoCompare has seen a 100% increase in the number of people using its current account comparison service this week, following the chaos caused by TSB’s attempt to move customers' accounts to a new platform.
The number of people using the service increased rapidly on Monday, peaking on Tuesday and has stayed at that level since.
Georgie Frost, consumer advocate at GoCompare, commented: “With the disruption at TSB there will be a large number of very disgruntled customers thinking about switching to another bank, while the well-publicised problems may well have made other bank customers consider their options too.
“If you’re unhappy with your bank, or looking to get more from your money, switching current accounts is easier and quicker than you might think. You could even get a ‘golden hello’ with some banks offering some worthwhile incentives for those that make the leap. Offers range from up to £185 in M&S vouchers from M&S Bank, to £150 with HSBC, if you prefer cold, hard cash.
“It shouldn’t just be all about the switching bonus though. You could also benefit from a higher rate of interest on your balance or a free authorised overdraft, depending on how you tend to use your account.
“As the TSB situation has shown, good customer service goes a very long way. Research what other customers have said. You should also consider how you plan to interact with your new bank - do you need a bank with a branch close by or just a great mobile app service. Either way, make sure the account is right for you.”
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