UK bank changes give a boost to Engine Group

You can’t keep British banks out of the news – this morning we had the Government flogging six per cent of its stake in Lloyds for £3.2bn (bit cheap that) and Barclays being fingered for overcharging interest (so that’s another boost for the UK economy as customers pick up another windfall).

Arguably more important than either event is, finally, a set of measures to make switching bank current accounts easier via the new Current Account Switch Service. This means you switch such things in seven working days (that’s two weeks the way banks work) which will make the banks try harder to lure customers who finally have the opportunity to move their accounts more easily. Cashback schemes are their current favourite.

It’s also a boost for Engine Group’s Partners Andrews Aldridge agency (its direct marketing specialist) which has produced this perky campaign with help from other bits of Peter Scott’s Engine empire. Media is via The 7Stars.

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