Bank of England holds base rate, as banks continue to find new ways to compete for customers

In response to the Bank of England’s latest base rate decision, John Dentry, Product Owner of the Current Account Switch Service at Pay.UK, said:

“While this may stabilise falling rates on savings accounts, banks are still having to find new ways to compete for customers. This is why we’re seeing some of the highest switching levels ever recorded, often processing over 100,000 switches a month.

“Whether it’s popular cash incentive deals, better customer service and mobile apps, or simply free tickets to the cinema, banks are working hard to attract customers in a reduced interest rate environment. However, to take advantage of these deals, consumers must be willing to switch.”

“This underscores the importance for both individuals and businesses to find the right banking partner. While you should stay with a bank that serves your needs, if you feel like it might not be quite right, have a look around to see if there’s a better deal out there for you.”