Many consumers unhappy with account and loan providers

According to recent data, many people in the UK are unhappy with their loan and account providers, and this is reflected through the number of people that are opting to switch providers. Figures indicate that roughly thirteen thousand consumers each day are switching bank account, many of whom are outraged by the charges that some of the UK's leading banks have been applying to customers' accounts as well as the low rates of interest that are paid on credit balances in the account.

Although many consumers have successfully claimed back bank charges that were described as unlawful and unfair by regulatory bodies in the UK, thousand more are still in the process of doing so, and many realize that when they do this there is a chance that the bank will close their account or threaten them with account closure. Many consumers may therefore be switching banks in preparation for the possible backlash that could arise from trying to reclaim bank charges and fees.

One MoneyExpert official stated: 'Banks and building societies are feeling the pain as current account fees come under scrutiny. Customers are getting the message that you don't have to just sit there and take it. With banks under threat for overdraft fees, they are the ones feeling the pinch at the moment. These days people just won't stand for poor service or for uncompetitive deals.'

Banks have been offering a range of incentives to try and attract new custom after losing a lot of customers, with First Direct offering £100 for switching to their account and Halifax also offering the same cash incentive until recently. Consumers are also looking for better deals on their credit cards, loans, and even utilities, and have been taking the advice of experts when it comes to switching to better deals.