Don’t wait for an App to check if you’ve got the right Bank Account

Yesterday we reported on the news that the CMA are calling for a revolution in the way banks use technology to ensure customers are getting the best possible deal when it comes to their banking needs, as part of this they have called for an App which would be able to determine the right account for you based on the way you deal with your finances.  Which is an idea we love here at DebtBustingExpert.com.

midata

But you don’t have to wait months for an App to be developed, as Gocompare already have a great tool on their web site which can do this for you today, we would invite you to check it out and then let us know how you got on with it, let us know about the type of account and the savings you made by switching, Gocompare have said this is the only tool available at the moment of its type and we are keen to see and hear how it works out for you guys.

Matt Sanders, head of money at Gocompare.com commented on the CMA report;

“The reforms the CMA have called for are a positive step for consumers, 40%* of which have never switched their bank account. Pushing the banks to make it easier for consumers to properly compare the charges and benefits of bank accounts will help customers to choose an appropriate account for their needs rather than simply the one offering the highest rate of interest on their balance or seemingly the most generous rewards scheme.

“However, the ability to compare bank accounts based on individuals’ own usage data is available today without waiting for the banks to develop a new app. Last year Gocompare.com launched the UK’s only midata powered comparison service. The free to use service, which is still the only one of its kind, uses customers’ midata files from their online banking service to securely calculate the best current account for them based on how they actually use their account. The results are displayed showing how much better off they could be in pounds and pence if they moved their account.

“This service takes all of the guesswork out of finding the right current account. However, to date the banks have not gone out of their way to promote this service or make it easy for customers to access their own data and transfer it to the midata comparison tool. Clearly they have a vested interest in keeping hold of their customers for as long as they can.

“The reforms being put forward by the CMA could be the kick the banking industry needs to finally put resource behind making it easier for customers to compare accounts and switch to better deals.”

For more information on the midata powered current account comparison service visit; http://www.gocompare.com/money/midata/