Nine British personal and business bank account providers have fallen in line with Treasury demands by offering fee-free basic bank accounts to Brits.
Welcome to the 21st century, Barclays customers: your bank now accepts cheque deposits via smartphone cameras. Just like most other non-Stone Age banks.
Chalk up a victory for the Government: banks have decided to comply with plans put forward to provide basic bank account access to Brits despite the cost.
The furore over the plan to let Her Majesty’s Revenue & Customs to simply raid personal and business bank accounts has resulted in the Treasury stepping in.
Smaller banks are willing to try anything to get customers to switch – including just throwing money at them in a bare-faced attempt at bribery.
In a world that seems to be completely upside-down, banks are saying that fee-free current accounts need to go… in order to foster more competition.
High Street banking providers have been singled out for a major new investigation into industry practices by the Competition & Markets Authority.
If you’ve got a few quid squirreled away in a savings account or current account, beware – there are plenty of people out there looking to get it from you.
Here’s a riddle for you: why stick with a High Street bank that’s not meeting your needs whilst upstart banking providers are running circles around them?
Personal and business bank account customers seem to be availing themselves of new and existing options in greater numbers than in the past.