People will be alerted each time their interest rate moves and when promotional offers expire under a suite of changes aimed at prodding bank customers to snag a better deal.
They will also be sent attractive introductory offers that are used by banks to bring in new customers but are short-lived and, on expiry, savers fall to a lower rate. A prominent barrier to changing banks is switching bank details, forcing consumers to reorganise automatic payments and the like.Banks will also need to make mortgage-exiting forms easier for customers to find, under the new changes, and Treasury will consider how prompts could be used to encourage customers to switch to better deals.
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