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Which financial products do people never switch?

Emma Lunn
Written By:
Emma Lunn

More than half of consumers have never changed their bank account, with one in four sticking with the same mortgage lender.

The research carried out by GoCompare found that 54% of consumers had never switched their current account. This is despite the Current Account Switch guarantee which means your new bank will switch your payments and transfer your balance and your old bank will close your old account.

Only 8% of those surveyed by the price comparison site had swapped banks in the past 12 months, compared to 35% more than a year ago.

At the other end of the scale, people are most likely to switch their car insurance than any other product.

GoCompare also found people are also not shopping around for better broadband deals with 37% admitting that they have never switched to a different provider and just 16% switching in the past 12 months.

Those with savings have also stayed put with more than a third of respondents saying they have never switched savings account provider. Of those who have, 9% did so in the past year and just under a quarter more than 12 months ago.

Car insurance was the most popular switch, with nearly a quarter (24%) of respondents saying they had changed policies in the past 12 months. But, despite it being easier than ever to compare and change car insurance providers, 13% admitted they have never changed insurers.

Richard Jones of GoCompare Money said: “These figures certainly give a clear indication that many people are still unsure about switching providers and would prefer to stay on current deals. It’s easier than ever to switch current accounts but it seems many people are not keen to move banks or accounts.

“I would advise consumers to see what deals are available from other providers as substantial savings can be made. For example, customers comparing products and prices on GoCompare could save up to £257 on their car insurance and up to £108 on their home insurance.

“Savvy shopping can have a huge effect on the cost of your household bills and it’s well worth considering switching to get some of the best deals available.”