Current account comparison tool

Archi_Bald

midata button is now on gocompare.com. I'm going to give it a whirl.

Archi_Bald

Well, it is singularly unimpressive!!!!

I inputted one month worth of my 123 main 123 account, which has a £20K balance and received £13.78 cashback and £40.21 interest. I notice that gocompare can take up to 12 months input but I can only download the most recent month. So the banks aren't really supporting this comparison service fully.

Gocompare determined that I get 1% interest in the 123 and suggests I should move to the 2% (on up to £3,000....) YB/CB Current Account Direct. Or a 1% Club Lloyds, a 0% Halifax Reward, a 1.1% Coventry account, a 2% BOS Vantage etc etc. All of these would be a dreadful deal compared with the 123 I have.

Very, very unimpressed. If they cannot get the comparison right for simple interest-paying accounts, what chance is there that they will compare overdraft options properly.

Herbalus

It's a dreadful start. Having just clicked on the comparison homepage, the Santander 123 account appears with a headline rate of 1%.

It also has a quite prominent "Enhanced customer service" next to the TSB Classic Plus account. What exactly is this referring to, and how is it differentiated to the customer services of other banks?

Pincher

http://www.gocompare.com/money/midata/
What's next for midata?

"I’d like to see midata moving into every area where a company collects personal usage data from a customer – anything that tells a company how a customer uses a certain product," said Sanders.
"The customer should be able to access that data in a standard way that allows them to then go away and compare other products within the market."

Are they serious? Privacy?