TotallyMoney Launches Current Account Comparison Service to Ensure Customers Get the Best Deal

Despite the UK Current Account Switch Service being in action for over a decade now, the market continues to be dominated by the ‘big four’ banks. Recognising that this means many consumers aren’t getting the best deal, independent credit broker TotallyMoney has launched a new current account comparison service.

Over the last four years, the number of personal current accounts has increased by 15 per cent, from 87 million to more than 100 million, and the average UK adult has two current accounts.

However, TotallyMoney data shows just one in five people have opened a new current account in the past 12 months, and half have been with the same bank for over four years. Meanwhile, HSBC, Lloyds Banking Group, NatWest Group, and Barclays continue to dominate 75 per cent of the market share – despite the fact that none feature in the Competition and Markets Authority’s top five (of 17) rankings for overall ‘quality of service’.

Switching current account providers can not only earn customers sign-up bonuses, but also give them access to improved savings rates, interest-free overdrafts, and better customer service – while just two per cent of switchers think their new bank is worse than their previous one.

Alastair Douglas, CEO of TotallyMoney, discussed the launch: “Our message is clear — loyalty doesn’t pay, but changing who you bank with can.

Alastair Douglas, CEO of TotallyMoney

“Over the past nine years, more than 6,000 bank branches have closed, and it’s a trend which is likely to continue following the recent announcement from Lloyds Bank Group that they’ll be closing almost 300 in 2025. And while this might not be a problem for those who are happy to manage their money with an app, others, and especially the vulnerable might struggle. So finding a bank which works for you is essential.

“And with our existing relationships with both big banks and challengers, we’ll be able to offer TotallyMoney customers a range of options to suit their needs, while helping newer entrants launch to market.”

Making the right switch

The launch comes as TotallyMoney seeks to capitalise on existing partnerships with some of the UK’s biggest banks, and most innovative startups, to offer customers a range of easy-to-compare current account options.

Reasons given for not switching include:

• I am happy with my existing account provider (60 per cent)
• I have never considered switching (23 per cent)
• It’s too much hassle (23 per cent)

However, the current Account Switch Guarantee means 99.7 per cent of switches are complete within seven working days, with balances, Direct Debits and overdrafts automatically transferred. It has earned a satisfaction rate of 91 per cent.

To help customers find a better bank, TotallyMoney’s new current account comparison service makes it easy to compare the options available, and the benefits provided. These might include sign-on bonuses, improved savings rates, interest-free overdrafts, and better customer service.

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