1 in 7 to switch bank accounts away from RBS

Posted in 'Banking' by Barry Stamp

19 March 2009

Public reaction to the banking crisis and in particular the continuing new revelations about the handling of Sir Fred Godwin’s pension is prompting long standing customers to move their business away from RBS.

Our current survey reveals that over one in seven people feel outraged enough to switch bankers and RBS/NatWest is right at the front of the firing line.

In past years, many would have been put off from changing banks due to fears about the disruption the transfer process might cause, but the process is now so well worn that the newcomers to banking make it as easy as possible for you to change banks.

First Direct has come top in our satisfaction surveys for several years – by a wide mark – and should be on your shortlist if you are thinking of changing bank. There’s a £100 incentive to switch on offer, and once you are a First Direct customer you have access to some excellent mortgage deals.

Alliance & Leicester rates reasonably well on customer service. It also two great deals – its Premier Account offers a £100 incentive to switch, or its Premier Direct Account offers a massive 5% AER on balances up to £2500 – a rate that dwarfs most savings rates currently on offer. Even if you already have a mainstream account, switching is certainly worth considering given these benefits.

If you would like to tell us about how well your bank serves you, there’s still time to complete our Banking and Credit Card Survey. Add your email address at the end and you’ll be entered into a prize draw to win your choice of either a new second generation 32GB Apple New iPod Touch, or an Archos 5 250GB Internet Media Tablet, or a Compaq Mini 702EA PC Netbook. Tell us about your credit card experiences here.