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New bank account comparison tool


Michael Browne
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A new online service, confirmed in the Chancellor’s Budget , will give customers of the main high street banks the option to see how much money they could save by ditching their bank and moving to another.

 

Based on the analysis of thousands of personal transactions and spending habits, it will be the “definitive” and “scientific” indicator of which account suits you best.

 

Current account holders will be able to log on to their online banking and download 12 months’ worth of bank statements. This facility is already available to all online account holders. The data is then fed into a comparison website that will crunch the numbers to identify the current accounts they should switch to in order to save the most money.

 

The data would contain no identifying information about the account holder – names, addresses etc – as this would have been “redacted” by the bank beforehand. The information is encrypted and is only used to calculate your personalised comparison table – your data isn’t stored, nor is it used for any other purpose.

 

 

https://money.gocompare.com/currentaccounts

 

 

https://money.gocompare.com/currentaccounts/midata#/

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