The last bank that I used for my main account, Barclays, caused me three problems in two weeks, so I swapped away to First Direct. Now, First Direc are going to start charging for current accounts (£10 per month!). I’m not one of those who would be affected, but the fact that they have decided to do this is enough to make me start looking for another bank.
It’s a shame as First Direct have done everything they said they would and have been very responsive the fe times I’ve needed them. I’m not moving banks due to customer service, simply on a point of principle. Banks in the UK make so much money that charging for current accounts is just profiteering – £24,000,000 in the case of First Direct according to the new yesterday.
I suspect that all the other banks are cheering them on and eagerly awaiting the results of their introduction. If people don’t leave en mass then soon every current account in the UK will be attracting a similar charge. Moving accounts isn’t hard (as I found out when moving to First Direct) and things such as direct debits move very easily these days as well.
If you have a current account with First Direct I’d reccomend you take the high ground and transfer your business away.