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Loan claims: Which? calls on banks to make it easier to switch accounts

Brits who are trying to reduce their bank charges could benefit if banks made it easier to switch services, Which? has suggested.

Research by the organisation found 59 per cent of people would be more likely to change their bank if they could keep their account number.

Furthermore, 55 per cent of respondents said they have never switched to a different bank account, with 19 per cent of these saying the process seems too complicated.

A total of 63 per cent of people support introducing portable account numbers across the UK, while 76 per cent said this would make it easier for them to change the lender they use.

Doing so would remove the need for people to change standing orders, direct debits and other bank charges when moving an account from one bank to another, Which? pointed out.

Executive director of the organisation Richard Lloyd said: "One of the most important ways that consumers can influence the broken banking culture in this country is by voting with their feet and switching to another bank."

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-801450248-ADNFCR



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