Current Accounts - UK - July 2019
Covered in this report
The focus of this report is on retail current accounts, including packaged accounts for mass-market customers. The report does not cover premium or private bank accounts targeted at the mass affluent to high-net-worth customers.
The predominant type of pricing model for current accounts in the UK is the free-if-in-credit (or ‘free banking’) model. This is where the customer does not pay any direct fees for having the account if in credit, or for core services such as direct debits and cheques. Interest is usually charged on any money borrowed via an overdraft, which can be either ‘authorised’ or ‘unauthorised’.
“Although current account providers continue to scale down benefits, competition is high when it comes to innovation. People are increasingly banking with more than one provider, and many are willing to pay for the right products and services for their needs. But providers must get the basics right first, starting with mobile banking, while regulation is focusing on extending the benefits of competition and protecting those vulnerable and left behind.”
– Irene Salazar, Senior Financial Services Analyst
This report looks at the following areas:
- Multi-banking only likely to increase further
- Opportunity for a provider to offer a meaningfully better deal
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