A third of Brits never switched bank accounts
British people don’t change their current account provider because it is “too much hassle”. However, switching bank accounts can save money. Edinburgh is where most people switch bank providers more often and Bristol is where people are more faithful to their bank.
According to new research released by N&P (Norwich and Peterborough Building Society) in the last 12 months, only one in ten people (9%) have changed their main current account provider.
Additionally, 38% of respondents think filling out forms and providing the necessary documents involves too much trouble, while 17% thought that all current accounts were the same and therefore saw no point in switching.
Among all the Brits, people aged 16 to 24 years old are most likely to review their main current accounts with 30% reviewing in the next 12 months. In contrast, 45 to 54 year olds are least likely with only 21%.
With 8 in 10 having switched current account providers at least once, the Scots from Edinburgh are the ones who mind less the hassle of switching.
Bristol, on the other hand, has the lowest rate of switching with 4 in 10 people being with the same current account provider all their life.
31% of British customers who decide to change their current account are normally looking for a better offer such as free overdraft or free ATM withdrawals overseas.
Furthermore, the study suggests it is worrying that nearly two thirds of people (64%) are not even looking to review their current account within the next 12 months.
In fact, comparing bank accounts can bring numerous benefits to clients. Everyday there are new and different offers available in the market. This means that customers who decide to shop around the different offers could end up signing for the best deal.