By: Colin Garland (Competition & Markets Authority)
In the current era, where individuals and businesses grapple with the escalating cost of living, there exist actions that everyone can undertake to ensure that they are aligned with the financial institution that aligns best with their requirements.
There are potential advantages to transferring your existing account to an alternative bank or building society. This includes the potential to economize on interest rates and to have more convenient access to your funds based on your preferences. For instance, banking institutions vary in the array of services and packages they provide. Thus, the offerings from an alternate provider might be better suited to your spending habits and banking necessities.
The presence of robust banking competition is advantageous for all. Engaged and empowered customers foster a competitive environment among banks, compelling them to strive for inventive, cost-effective products and high-caliber services tailored to your needs. This augmentation in choices and value accessible to you further streamlines the switching process as banks vie to attract customers.
The Competition and Markets Authority (CMA) has implemented mandates that facilitate a smoother and more straightforward switching process for banks. These mandates encompass aiding you in selecting the right banking partner and simplifying the steps involved in switching…