MSE News: 11% drop in current account switches

The number of current account switches in 2015 is down 11% compared with 2014, so if you're not gaining from your bank account, you should switch now...
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'11% drop in current account switches'
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  • jimjames
    jimjames Posts: 17,596 Forumite
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    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • jimjames wrote: »
    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.

    Indeed. I think most people will only switch if they get bad service at their current bank and aren't rate / offer tarts like we. Lets be honest though, more people switching means less incentive to pull people away from their current bank means less tasty offers for those of us who can be bothered to switch.
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
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    Indeed. I think most people will only switch if they get bad service at their current bank and aren't rate / offer tarts like we. Lets be honest though, more people switching means less incentive to pull people away from their current bank means less tasty offers for those of us who can be bothered to switch.

    If the only people to switch are those chasing the tasty switching offers, who are not interested in a long term relationship with a bank. Then the banks might reduce the switching incentives as they will have nothing to gain from offering them.
  • michaels
    michaels Posts: 27,994 Forumite
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    Fewer people switched bank this year - presumably cos we all switched to nab the incentives last year and the banks are short-sited enough not to allow repeats on new customer bonuses :(
    I think....
  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    who are not interested in a long term relationship with a bank.

    I can't even get the same First Direct call centre person twice, and even the HSBC Premier Relationship Managers seem to move on faster than my call up frequency.

    Alas, the relationship is like a table dance, except you have to wait ten minutes holding the phone before the dance starts.
  • jimjames
    jimjames Posts: 17,596 Forumite
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    Malcnascar wrote: »
    My take on this is
    it aint broke so why fix it
    Maybe like many others you don't know it's broken?


    Being paid £150 - 220 to open an account is a good incentive for some to find out. Getting 5% interest is good for others.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Dird
    Dird Posts: 2,702 Forumite
    First Anniversary Combo Breaker First Post
    jimjames wrote: »
    Considering how many of us on MSE switch it must mean there was a massive drop amongst the rest of the population. I switched 5 accounts last year.

    Maybe, maybe not. Was 2014 the year YorkshireBoy etc got busy? If so I blame him for last year's drop in stats :P
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
    Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
  • Good, hope the banks come up with better offers to tempt people to switch.
  • meer53
    meer53 Posts: 10,217 Forumite
    First Post First Anniversary Combo Breaker
    Pincher wrote: »
    I can't even get the same First Direct call centre person twice, and even the HSBC Premier Relationship Managers seem to move on faster than my call up frequency.

    Alas, the relationship is like a table dance, except you have to wait ten minutes holding the phone before the dance starts.

    I don't understand the need to have a relationship with your bank ?
  • meer53 wrote: »
    I don't understand the need to have a relationship with your bank ?

    Your selected quote you have taken and queried was in rebuttal to super scrooges comment about switchers not wanting relationships with banks. There is no need to have a relationship with any institution but they like you to feel you have a relationship with them to keep you there.
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