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

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
6 replies 1.6K views
Former_MSE_PalomaFormer_MSE_Paloma
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I've been Money Tipped! Newshound!
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
A tool to help consumers compare current accounts to get the best deal has been launched by comparison site GoCompare ...
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Current account holders can access data to help find their perfect bank

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  • VT82VT82 Forumite
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    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?
  • HerbalusHerbalus Forumite
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    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.
  • pinkdalekpinkdalek Forumite
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    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:
  • edited 26 July 2015 at 10:07AM
    bug_blokebug_bloke Forumite
    82 Posts
    edited 26 July 2015 at 10:07AM
    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.
    -The Bug
  • AnthornAnthorn Forumite
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    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.
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