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|Competitive rates are the deal breaker for consumers moving banks|
|Tuesday, 29 September 2015|
As competition within the retail banking sector increases with the growth of challenger banks, Equifax research reveals that receiving the best rates is by far the biggest incentive for consumers looking to switch banks.
In an online survey conducted by YouGov, 42% of people cited better deals and rates as a reason they would switch bank accounts; 28% said that incentives like a cash bonus or new smartphone would prompt them to change and 24% flagged better customer service as a priority. More convenient branch locations are a deciding factor for 21% of people but only 14% would be swayed by better technology and security. 26% of people said that nothing would prompt them to change provider.
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