BANK ACCOUNTS

Apathy leads to Brits missing out

Up to 17 million UK adults have never switched their current account, arguing that it is “too much hassle”.

N&P (Norwich and Peterborough Building Society) released new figures revealing how laziness and apathy is stopping millions of Brits from changing their current bank accounts. In the report, N&P urges people to review and switch their financial services regularly to make sure they are getting a good deal.

According to the data, 35% of Brits have never switched their main current account provider and one in five (22%) did so just once in their lifetime.

For many British consumers switching accounts is not a priority; in fact, up to 64% of people are not even looking to review their current account within the next 12 months. Brits aged 16 to 24 years old are the most likely to review their main current account with 30% reviewing in the next 12 months, with 45 to 54 year olds the least likely to consider changing (21%).

Switch and win

"One in six people think that all current accounts are the same, but there can be significant differences which can mean certain current accounts would provide you with much better value and customer service than another account would, especially if you pay a monthly fee for the account, aren't using the benefits and are not getting value for money," warned Ewan Edwards, Head of Retail Products at N&P.

Many banks are offering cash incentives for those clients who switch their bank accounts. This is the case with The Co-operative Bank and Santander, both offering a £200 bonus.

British consumers who are worried about their expenses should compare bank accounts and switch to the best deal in order to save money. Although this might look like a tedious and time consuming task, the truth is that there are numerous comparative sites that make this process much more straightforward than you would think.

Tags: BANK ACCOUNTS, basic bank accounts, cashback current accounts, cashback rewards, compare bank accounts