Co-op: Current account take-up rises

Wednesday, 03 February 2010 12:00

The Co-operative Bank has reported a 38 per cent increase in current account sales indicating a greater enthusiasm amongst consumers for 'switching' financial products.

According to the bank's research there was a 22 per cent increase in customers switching to a Co-op current account from another major provider.

The financial crisis, Co-op suggested, had prompted people to look at banking providers more closely, and the general distrust in the sector had clearly led them to 'vote with their feet'.

John Hughes, business leader of retail products at the bank, said: "Historically many people chose their banking provider when they were younger and stayed with that provider throughout their life.

"However now, more than ever, consumers should review their banking products as their personal circumstances change to ensure their account suits their financial needs and service requirements."

He reassured customers thinking of making the switch that the process was not as daunting as they might think. Most banks do all the work, including transferring direct debits and existing balances.

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