You are here: Home - Saving & Banking - News -

Brits reluctant to switch current accounts

Written by:

Research by Moneysupermarket has revealed only one in seven Brits have bothered to change current accounts in the past two years.

This is despite the spotlight shining well and truly on bank accounts thanks to the ongoing Office of Fair Trading court case.

Of those who have made the effort to make the change, more than a third did so out of frustration with the fees they were forced to pay. Nearly three in 10 wanted a better standard of service, and 24% simply wanted a higher interest rate on their in-credit balances.

The research acts as a warning to Barclays who reduced the fee on its overdrafts last week – just 6% of switchers said they had done so in order to benefit from a lower interest rate when they were in the red, suggesting Barclays may not receive the stampede of customer they had hoped for.

Kevin Mountford, head of current accounts at Moneysupermarket, said: “Current account providers have been working hard to tempt consumers to change by offering ever enticing in-credit interest rates and new packaged options. However, our research shows that most people tend to stick with their current provider despite derisory in-credit rates and extortionate fees.

“To be blunt, banks will continue to try and get away with as much as they can until there is a real threat consumers will change providers if they don’t get a better deal.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Inflation surge hits pensioners hardest

Alliance Trust’s independent study of age-related inflation has found that the surge in inflation during May continued to hit those...