SWITCH AND SWITCH OFF: MOST PEOPLE WHO SWITCH CURRENT ACCOUNTS NEVER DO SO AGAIN – FINDS COMPARETHEMARKET.COM

  • The majority of people (59%) who switch bank account never switch again
  • 62% of UK current account holders have never switched bank, equating to 30.6 million people
  • 39% switched bank account in order to take advantage of better benefits and rewards from other provider

6th February 2017 – While consumers are wising up to the benefits of changing bank account, few then continue to look for the best deals once they have made that first switch. Research carried out by comparethemarket.com found that of those current account holders who had ever switched bank account, only 41% had gone on to switch a second time or more, with the majority (59%) switching and then switching off.


The research suggests that, having switched bank accounts once, people stop shopping around for other providers, despite the possibility of better interest rates, offers and benefits available elsewhere on the market.


Of those who had changed current account at least once, 39% did so in order to take advantage of better benefits and rewards from other providers, 29% switched in search of higher interest rates and 28% said they were looking for better customer service from their bank. When asked about the switching process, 67% said that they found it easy and 44% said it went without a hitch.


According to the Current Account Switching Service, there were 802,036 switches between January and October 2016 – up 3% compared to same period in 2015*. However, despite the increasing popularity of switching and the ease of the process, the comparethemarket.com data reveals that 62% of UK current account holders have still never switched bank at all, equating to over 30.6 million people nationwide**.
When asked why they had never switched, three quarters (75%) said they were happy with their current provider, 17% had never considered switching and nearly one in ten (9%) said the process seemed to complicated.

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Jody Baker

Head of Money

Comparethemarket.com

“Once you have changed your current account, it’s easy to fall into the trap of thinking you will remain on the best deal in the market. It seems that those who do switch their bank have a tendency to switch and then switch off, meaning they may be missing more competitive offers elsewhere. It is advisable to check regularly what other providers are offering, in terms of interest rates or benefits, so you can rest assured you remain on the best deal for you."

“The seven-day switching period offered by the Current Account Switch Service makes the process easier for consumers, but to really improve switching levels we need to ensure that customers are able to migrate their account details when they change bank. Our 2015 research showed that more than half*** of current account holders would be more likely to switch if they could take their account numbers with them."

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