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Brits more loyal to banks than romantic partners

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24/04/2013
Brits are more likely to stay faithful to their bank than their partner, new research reveals.

Nearly 60% of Brits have been with their current account provider longer than a decade with the average bank relationship lasting just over 16 years and one month, while the longest romantic relationship with a partner held by the average UK adult is 14 years and four months.

The research by Santander found one out of six people has stayed with their bank for more than 30 years, with nearly a third saying they have stayed put simply out of habit.

Meanwhile, love was the top reason people stayed with their partner (67%), closely followed by trust and reliability with 55% of Brits in relationships giving this as a key reason for staying loyal to their partner.

Only 31% gave these reasons for remaining loyal to their bank.

Help and support was cited by 52% of people in relationships as a key reason for remaining faithful, while 21% said the same when it came to their current account provider.

‘Financial benefits’ have also driven seven per cent of people to stay with their partner and 18% to stay loyal to their bank.

However, those choosing to stay loyal to their bank account are being urged to review how much benefit they receive by staying with the same current account provider and to make sure that their money is working as hard as possible.

Hetal Parmar, head of banking at Santander, said: “The research serves as a stark reminder that it’s important to ensure our money is working as hard as possible. There still seems to be a strong sense of apathy when it comes to switching current accounts, even when there are better value deals available.”

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