The government’s Midata initiative will launch on 26 March.
Documents published today as part of Chancellor George Osborne’s Budget revealed the launch date for the banking initiative which seeks to get companies to give people back their data.
As part of the initiative, bank customers will be able to use their own spending data to compare current accounts – meaning comparisons can be tailored to your own habits.
The website Gocompare will launch the comparison tool.
Find out more: Budget 2015: the highlights – a round-up of the key announcements
How will it work?
Under Midata, the leading current account providers have agreed to allow customers to download a year’s worth of their current account transactional data in a single file that can be read by online tools.
Customers can then input this data into online comparison tools, to help them work out what current account product would best suit their individual needs.
Find out more: How to find the best current account – what to look for