Thousands opt for current accounts switch

With bank charges stretching further the finances of those facing debt management difficulties, the past three months have seen current accounts become a “new switching battle ground”, according to MoneyExpert.

Figures from the price comparison service show a current account exodus of around 450,000 banking consumers in the first financial quarter of 2007 and according to MoneyExpert appear to demonstrate that Brits will no longer “stand for poor service or for uncompetitive deals”.

Sean Gardner, chief executive of MoneyExpert, said: “Of course, switching out of a poor deal is a good idea but consumers should be wary of changing just for the sake of it.

“You need to search the market carefully and choose the right product for you – let’s not forget that the cheapest deal isn’t always the best deal.”

Current account bank charges can make it more difficult for many consumers aiming to find a debt solution and the issue is the subject of an ongoing investigation by the Office of Fair Trading.