The latest data from The Co-operative Bank has revealed a 38% increase in current account sales in 2009.
The bank, winner of Best Financial Services Provider at the 2009 Which? Awards, saw a 22% increase in customers switching their current accounts from other major providers, with a 31% increase in switching activity from the big four banks.
Voting with their feet
Which? awarded The Co-operative for its prudent business model and behaviour, and the research findings demonstrate that consumers are beginning to take note and look at their banking providers far more closely. When looking at reasons for switching, almost a third (29%) cited customer service, 14% wanted a more transparent charging structure, while around one in 10 (10%) said they were looking for a more ethical provider.
However, despite the increase in numbers switching, the research does indicate that inertia still exists, with the average person much more likely to switch energy provider, move house, or switch mobile phone company than switch their current account.
Best savings accounts
The Co-operative Bank’s three year 4.5% fixed rate is a market-leader and its promise to invest money ethically is an attraction for many customers.
Compare more Which? Best Rate instant access savings accounts and fixed-rate savings accounts with Which? reviews.
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