Can this really be true? Are customers finally voting with their feet and moving banks in search of the best deals?
The latest data from The Co-operative Bank would seem to suggest so. The research reveals a 22 per cent increase in customers switching their current accounts to The Co-operative Bank from other major providers, with a 31 per cent increase in switching activity from the big four banks.
Perhaps the financial crisis was the last straw. Fed up with hemorrhaging money in other areas of their finances customers started to look at their banking providers more closely and the general discontent and distrust finally lead to many customers switching their provider.
But there is still a long way to go before everyone takes action; the average person is much more likely to switch energy providers, move house, or switch mobile phone companies than switch their current account.
What has been your experience of switching banks?