Published: 03/02/2010

The latest data from The Co-operative Bank Current Accounts has revealed a 38% increase in current account sales in 2009. This includes a 22% increase in customers switching their current accounts from other major banks.

New research findings highlight many of the reasons which drive people to look for a new current account provider, with over a third citing customer service (29%), a quarter looking for online banking facilities (23%) and a local branch (19%) and more than one in ten looking for a more ethical provider (10%), and a transparent charging structure (14%)

John Hughes, Business Leader, Retail Products for The Co-operative Financial Services comments, "The findings clearly show that customers are now increasingly likely to switch their bank account, if they are unhappy with the service, facilities or ethos of their provider."

"Historically many people chose their banking provider when they were younger and stayed with that provider throughout their life.

 However now more than ever consumers should review their banking products as their personal circumstances change to ensure that their account suits their financial needs and service requirements.  In the past moving a current account often seemed daunting, but actually, most banks now do all the work, including transferring all direct debits and existing balances, which makes the process much easier for customers."