MSE News: 11% drop in current account switches

YorkshireBoy

Dird wrote: »

Maybe, maybe not. Was 2014 the year YorkshireBoy etc got busy? If so I blame him for last year's drop in stats :P

Whilst I initiated some in late 2014, most were done in early 2015 (and all were paid in 2015), so in my defence I was doing my bit to bolster 2015's figures...but was let down by the rest of the adult population!

davidgmmafan

I don't think it was ever a chorse to switch and I actually dislike this new all 'easy' approach. Frankly I don't mint swapping everything over myself and leaving my old account open in case all doesn't go according to plan. Now they have to do it all for me and close my old account to get the incentive.

Not seeing the progress really.

In coverage of this story elsewhere I did have a little chuckle when some industry represntative suggested that perhaps the drop in numbers was to do with banks doing more to retain customers...

System

Fear of damaging my credit rating stops me...

fromtheshires

MatthewAinsworth wrote: »

Fear of damaging my credit rating stops me...

You don't have to switch as often as most of us do, but if you have a normal account with x bank, switching it to y bank won't do any damage really. If you were making lots of credit applications (c/cards o/draft requests and loan requests etc) in a short space of time, that will potentially damage you credit file as it will have lots of searches on it but every now and then won't do you want harm assuming you can get mainstream bank accounts.

GingerFurball_2

I haven't used the switching service because each of my 4 main current accounts serves its own purpose. I've got a 5th dormant one but it doesn't have any Direct Debits set up to claim any switching bonus.

Besides, I'm not a fan of the old account being closed.

myth123

I've done fewer switches since Yorkshire Bank stopped paying out £150 on multiple account switches