OrSwitchIt is a new website which compares the benefits and charges of UK bank accounts to help find the right one for you.
The idea behind the site, which has been developed by the same people behind the OrSaveIt savings app, is to encourage consumers to make conscious decisions about which savings and current account is really right for them.
From September 1st, banks will be required to switch a customer’s account to a competitor within 7 days, if the consumer requests so – rather than the 1 month timeframe as is currently allowed.
Banks have typically made their accounts difficult to leave, but the Office of Fair Trading has predicted 13 million of us will consider switching as a result of September’s legislation changes.
The OrSwitchIt comparison site allows you to compare the benefits and costs of current and savings accounts, considering benefits from car insurance to film subscriptions, including the smaller account providers as well as the ‘big four’ banking giants.
The simple site first asks how much you’re prepared to pay for a bank account, and then shows you a table of the features available for that price – you can then remove banks that you’re not interested in, and reorganise their order to make them easier to compare.
Once finished, you can get the results emailed to yourself for safe-keeping. You can also find out more information on each account, and apply for a new account through the site should you wish.
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- HSBC Launches “Connected Money” App (May 9, 2018)
- UK Consumers “Sceptical” About Benefits of Digital-Only Banks (October 17, 2016)
- B – New Banking Service “Designed By Customers For Customers” (May 4, 2016)
- New Five Pound Note: All You Need To Know (September 12, 2016)