Is your bank giving you the best deal? Find out using new online comparison tool
Midata online current account comparison tool launched by Gocompare.com.
City Minister Andrea Leadsom today (26 March 2015) welcomed the launch of the first online comparison tool that will allow customers to find out if they could switch to a current account that might be better for them based on their personal banking history.
The , which is being launched by , will allow customers of the UK바카라 사이트s six largest current account providers to upload a statement with up to 12 months of transactions and compare all available current accounts in the UK.
The will then suggest which of the available current accounts would be likely to be the best for them in the future by analysing their previous transactions and taking into account the fees, charges, interest rates and reward schemes linked to each available account.
If customers find that a different account is likely to give them a better deal, the Current Account Switch Service means they can quickly use that information and vote with their feet.
Making it easier for customers to compare accounts means banks will have to work much harder to provide the best possible services and products for their customers.
A key part of the government바카라 사이트s long term economic plan is to boost competition and transparency in banking so that customers can get the best possible deal. Addressing the balance of power between banks and their customers is at the heart of this.
Economic Secretary to the Treasury Andrea Leadsom said:
In the past it has been far too hard for customers to work out if they are getting a decent deal from their current account.
But now, for the first time, customers will be able to see if there is a current account available on the market that could be better for them, based on their banking history.
This innovation will put much more control in the hands of customers and could transform the current account market. It will help customers understand how they are spending their money and whether they can get the best deal.
It바카라 사이트s also very important that customers know their data is protected if they wish to take advantage of this new tool, which is why I바카라 사이트m pleased the banking industry has worked closely with the government and the Information Commissioner바카라 사이트s Office to make sure safeguards are in place, particularly around anonymising an individual바카라 사이트s banking data.
The government encouraged the major banks to make customers바카라 사이트 personal transaction history available to them in a standardised and easy to use format. And today바카라 사이트s announcement delivers on the commitment made by 6 account providers 바카라 사이트 HSBC, Lloyds, RBS, Barclays, Nationwide and Santander 바카라 사이트 to provide customers with their current account information, in a secure and portable way, before the end of March 2015. And more will follow 바카라 사이트 Tesco Bank intends to make midata available to its customers later this year.
The information will be provided in a standardised electronic format as a 바카라 사이트midata바카라 사이트 file. Midata is a government-driven initiative designed to allow people to view, access and use data held about them by private companies.
To protect customers바카라 사이트 personal information, the file won바카라 사이트t contain the customer바카라 사이트s name, address, sort code or full account number, and information within certain transactions will be blanked out.