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Bank claims: UK consumers should 'consider' switching current accounts

UK consumers should seriously consider switching their current accounts to make sure they are getting the best deal, it has been claimed.

Recent research by Spanish bank Santander revealed that Britons keep their current accounts for an average of 16.5 years.

Ed Bowsher, head of consumer finance at lovemoney.com, claimed switching to a better deal may offer customers a range of benefits.

He said: "People should seriously consider switching accounts. They might be able to improve the customer service they receive or get a better interest rate on their cash."

Mr Bowsher added that there were concerns among consumers about the transfer process involved with switching accounts.

"There's also an understandable concern that the transfer process may go wrong and end up costing the customer money as bills are unpaid or salaries don't arrive on time in the new account," he said.

Over half of all adults in the UK have kept the same current account for more than a decade while 18 per cent have stayed loyal for more than 30 years.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800038462-ADNFCR



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