OFT account of banking a wasted opportunity - Herald Scotland

No wonder the Office of Fair Trading (OFT) found a "lack of dynamism" from the banks when faced with such inertia from customers in this £9 billion market.

Customers wanting current accounts face a dazzling frenzy of offers. It is no longer a case of a free clipboard or piggy bank. Switchers are lured with eye-catching offers like "£100 cash back" or "5% interest on balances". Whether such accounts offer good value after the opening offer expires is an entirely different matter. But customers find it difficult to compare accounts because of the different ways providers charge. (Borrowing £50 for three days can cost anything from £15 to £36.) As with the domestic energy market, price comparison websites can help, but those most in need of them are least likely to use them.