MSE News: Current account holders can access data to help find their perfect bank

Former_MSE_Paloma

A tool to help consumers compare current accounts to get the best deal has been launched by comparison site GoCompare ...

Read the full story:

Current account holders can access data to help find their perfect bank




Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

VT82

I have a current account that I tend to keep about £19,990 in, and tend to pay in about £750 per month. Any idea which might be the best account for it?

Archi_Bald

https://forums.moneysavingexpert.com/discussion/5001815

Herbalus

It's not a comprehensive tool by any measure.

For example if you only ever do your supermarket shop at a particular chain, the comparison site would be able to see this and might highlight an account offered by that supermarket – perhaps offering reward or loyalty points – as the best option for you.

What if you're just a smidge money savvy and put all your supermarket spending on a Tesco/Sainsburys/Asda/0%/other cashback etc credit card, which means Midata doesn't have a clue where you shop?

As usual, people need to work out for themselves what's best.

pinkdalek

VT82 wrote: »

I have a current account that I tend to keep about £19,990 in, and tend to pay in about £750 per month. Any idea which might be the best account for it?

RBS. It will help towards paying back some of the tax-payers money

:beer:

bug_bloke

I've just tried to use the MiData download from my bank on the only website which accepts it.

"Currently GoCompare is the only comparison site to launch a tool to compare the data."

Unfortunately the Gocompare tool (which is lovemoney in disguise), doesn't accept the .csv file, but with the error message saying it isn't a .csv file.

So although MiData was launched over 4 months it is still completely useless.

I have given my feedback to lovemoney, so hopefully it might get fixed soon. Although I personally see no benefit to the service; only the money savvy will know about it, only the money savvy will not need it.

Anthorn

Call me paranoid if you will and that will most likely be correct. But what hits me is "data mining" and "gaming": How soon before data becomes available to the high bidders who will then provide the perfect bank account for the most popular uses?


I have in mind the changes to pensions and the intensive direct selling campaigns that were launched out of people who were seeking advice in seemingly innocent comparative services.