7 July 2005
Over a third of people are unhappy with the service they receive from their bank but most still appear unwilling to switch, a survey has found.
Consumer affairs group Which? said despite the high proportion of people expressing displeasure with their bank, only around one in 20 had moved their account in the last two years.
The research appears to suggest that Brits would rather settle for bad service than shop around.
"More than one in three people are annoyed with their bank, which is hardly surprising when you consider some of the charges they dish out and the worthless products they try to sell," said Which? editor Malcolm Coles.
"We think more people should switch banks. It isn't difficult – 90 per cent of people who have switched say that they found the process straightforward."
Which? said people could miss out on up to £400 a year by having an overdraft, credit card, ISA and loan with a high street bank rather than shopping around for a better deal, such as those offered by some internet banks.
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