Home
NewsConsumers 'losing out' by not switching current accounts
Consumers 'losing out' by not switching current accounts
Posted by Richard Saunders
Consumers could possibly be frittering money away by not switching current accounts, with research revealing that just seven per cent changed providers in the last year.
According to Santander, this is significantly lower than levels recorded for other products such as home and car insurance, savings accounts and mobile phone contracts.
By not taking such action, people could lose out on £2.2 billion in interest, with the study indicating that 74 per cent have no intention of moving in the next 12 months.
Head of Santander Current Accounts Gillian Almond said Britons have traditionally kept hold of current accounts over a long period, which has led to complacency among many providers.
"Having a better current account can make a significant financial difference to consumers so it's important for them to understand that it's worth shopping around," she remarked.
This comes after Experts in Responsible Investment Solutions found that 73 per cent of people would prefer banks to have ethical lending policies in place.
24/11/2010 16:37
News category: Consumer