TotallyMoney, a UK-based FinTech company, has announced the launch of its new current account comparison service aimed at helping its 5m customers discover the best bank for their personal financial needs.
This new product launch comes in response to the dominance of the Big Four Banks—HSBC, Lloyds Banking Group, NatWest Group, and Barclays—who control 75% of the market share for current accounts, yet none of these banks feature in the top five for service according to government regulators.
TotallyMoney aims to address this gap by making it easier for customers to switch to banks offering better service and financial perks, according to FF News.
TotallyMoney, a FinTech platform known for its innovative credit and financial management tools, offers users free credit reports, personalised financial insights, and credit-building products. Its mission is to help customers make better financial decisions and improve their financial well-being.
The newly launched current account comparison service allows users to easily switch banking providers, including transferring balances, Direct Debits, and overdrafts. With the Current Account Switch Guarantee, 99.7% of account switches are completed within seven working days, ensuring a smooth and hassle-free transition.
In addition to switching banks, customers can gain access to various benefits such as sign-up bonuses, improved savings rates, interest-free overdrafts, and enhanced customer service. According to TotallyMoney, only 2% of customers who switch feel that their new bank offers worse service than their previous provider.
The UK-firm aims to capitalise on its existing partnerships with leading UK banks and innovative startups to provide a diverse range of current account options.
The company is well-positioned to help newer entrants into the market, while offering its customers more competitive banking choices.
Alastair Douglas, CEO of TotallyMoney, said, “Changing banks might seem daunting, especially if like many, you’ve been with the same provider for years. But with the Current Account Switch Guarantee, your balance will be transferred, along with your Direct Debits and arranged overdraft, and any payments sent to your old account will be redirected to your new one.
“Our message is clear — loyalty doesn’t pay, but changing who you bank with can. Not only could you be eligible for a sign-up bonus, but also an interest-free overdraft, better savings rates, cashback, fee-free foreign spending, and other rewards and perks.
“Over the past nine years, more than 6,000 bank branches have closed, and it’s a trend which is likely to continue following the recent announcement from Lloyds Bank Group that they’ll be closing almost 300 in 2025. And while this might not be a problem for those who are happy to manage their money with an app, others, and especially the vulnerable, might struggle. So finding a bank which works for you is essential.
“And with our existing relationships with both big banks and challengers, we’ll be able to offer TotallyMoney customers a range of options to suit their needs, while helping newer entrants launch to market.”
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