TotallyMoney has announced the launch of a new current account comparison service, to help its five million customers find the best bank for their own personal needs:
• 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 more than 4 years*
• The Big Four Banks (HSBC, Lloyds Banking Group, NatWest Group, and Barclays) dominate current account market share with 75%†, yet none feature in the government regulators’ survey top five for service‡
• TotallyMoney customers can now easily switch banking providers, and this can include balances, Direct Debits and overdrafts, with 99.7% of switches being completed within seven working days§
• 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 2% of switchers think their new bank is worse than their previous one¶
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.
🏦 A current account comparison service you can bank on
Over the last four years, the number of personal current accounts has increased by 15%, from 87 million to more than 100 million, and the average UK adult has two current accounts.
The market is dominated by the Big Four Banks (HSBC, Lloyds Banking Group, NatWest Group, and Barclays), who have 75% share of the market. However, none feature in the Competition and Markets Authority’s top five (of 17) rankings for overall ‘quality of service’.
At the same time, half of TotallyMoney customers have stayed with the same bank for more than four years, and just one in five have opened a new account in the past 12 months. Which means millions could be missing out on a better banking experience.
Reasons given for not switching include: I am happy with my existing account provider (60%), I have never considered switching (23%), and it’s too much hassle (23%). But the current Account Switch Guarantee means 99.7% of switches are complete within seven working days, with balances, Direct Debits and overdrafts automatically transferred¶. It has earned a satisfaction rate of 91%, and just 2% of switching customers feel that their new bank is worse than their previous.
To help customers find a better bank, TotallyMoney has launched a new current account comparison service, making 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.
📣 Alastair Douglas, CEO of TotallyMoney comments:
“Changing banks might seem daunting, especially if like many, you’ve been with the same provider for years. But with the Current Account Switch Guarantee, your balance will be transferred, along with your Direct Debits and arranged overdraft, and any payments sent to your old account will be redirected to your new one.
“Our message is clear — loyalty doesn’t pay, but changing who you bank with can. Not only could you be eligible for a sign up bonus, but also an interest-free overdraft, better savings rates, cashback, fee-free foreign spending, and other rewards and perks.
“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.”