Tiger.co.uk Releases Guide To Current Accounts
Following a Parliamentary report on banking standards, a new seven day current account switching service will be introduced in the UK from September. Ahead of this, popular car insurance and finance comparison site Tiger.co.uk, has published a guide to the type of current accounts on the market and what to expect from the new service.
According to research company Consumer Intelligence, two thirds of banking customers have held their current account for five years or more and one in five of those customers is open to moving it.
However, switching current accounts is notoriously stressful and currently the process can take between 18-30 days. The new 7 day switch service will guarantee that current accounts will be switched over to a new provider within one week, which will include moving money over and changing direct debits.
Better known for finding cheap car insurance quotes for motorists, Tiger.co.uk has released the guide to current accounts to provide information on the type of accounts available on the market and a summary of what to expect from the new switching service.
Alongside its car insurance comparison service, the site also offers comparison services for many financial products including current accounts, savings accounts and credit products such as credit cards and loans. To help shoppers to make informed decisions when researching insurance and financial products the site also hosts a series of guides and FAQ’s.
Andrew Goulborn, Commercial Director of Tiger.co.uk, commented: “The move to the new switching service means that shoppers will be able to change current accounts as often as they might switch their mortgage, energy supplier or car insurance. It will also encourage more current account brands to enter the market, providing more choice and a better range of deals to shoppers. Making sure you get the best account to suit your individual circumstances is vital. There will be many different incentives available such as higher interest rates on balances or lower fees for overseas transactions, so comparing the features and benefits is important. Using a comparison site like Tiger.co.uk will help shoppers to evaluate features like overdraft rates and benefits like incentives and extras side-by side.”