moneysupermarket.com: Abbey's new switching account

Commenting on Abbey’s new switching account, Kevin Mountford, head of current accounts at price comparison website moneysupermarket.com, said: “On the face of it Abbey’s new switching account looks a very good offer, demonstrating the battle to gain current account customers shows no sign of ending – we have recently seen Halifax re-introduce its £100 incentive.

“The fact this is clearly for ‘new customers only’ risks alienating Abbey’s existing account holders. A further word of caution to customers – look beyond the interest rate and make sure that the product features and conditions are right for your needs, such as what the overdraft rate is and whether there is a strong commitment to customer service.

“Latest figures suggest around 13,000 consumers are switching accounts on a daily basis. As the ‘war’ continues and the banks make the switching process better, this number could increase. Typically, current accounts were the financial services product with the highest level of inertia amongst customers, but this is changing and the gloves appear to be off now as banks fight for market share – so this should be good news for the man in the street.”