Those in debt may benefit from switching to a different bank account in order to take advantage of better deals, a move that has been described as “much simpler than most people realise”.
James Daley, money editor at consumer watchdog Which?, made this observation, stating that the company is “disappointed” that fewer people are willing to make the transfer.
“Banks are required to have a switching department these days,” he said, noting that this helps smooth out the process.
He added: “79 per cent of people that we asked who had switched their accounts said that they had found it ‘very’ or ‘fairly’ easy.”
Furthermore, Mr Daley remarked that it is unsurprising that few Britons trust financial institutions after the turmoil of the last couple of years, with charges hurting accounts and savings being put at risk.
He was commenting after research from Which? revealed that 68 per cent of UK consumers will probably change bank accounts as a result of poor customer service.
By Sarah Adie