On 16 March 2014, the Government announced, in a press release, an agreement between major current account providers to give customers their account data in a simple and standardised form. This will enable consumers to do quick comparisons of their accounts, fees, charges and benefits, and make informed decisions on whether there are better accounts for them to switch to.
What this means for you
Going forward, customers will be able to simply upload their usage data for analysis and get an instant answer as to whether or not they would be able to save money by moving to a different account. The major current account providers who have committed to this agreement are: Barclays, HSBC, Lloyds, Nationwide, RBS, and Santander. The Government expects that, in due course, all current account providers will make account data available in this form.