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Brits reluctant to switch current accounts

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20/06/2008

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.”

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