4 July 2006
The time most consumers spend with their current account provider far exceeds the time we spend in a house or at any one job, according to new research.
A study by Alliance & Leicester (A&L) found that the average amount of time that consumers stay loyal to their bank almost exceeds the length of the average marriage – 11 years.
Almost six out of ten consumers stay with their bank for over a decade, whereas the average amount of time spent in one property is seven years and the total time spent at a job is seven and a half years.
This is despite the fact that many people could find a much better deal by switching current accounts.
"Researching the market to check how competitive your bank is should be routine for all banking customers, especially given how simple and straightforward the switching process is today," said Helen Palmer, current accounts manager at A&L.
"It is encouraging to see that the vast majority of switchers to Alliance & Leicester are coming from the 'big banks' - however, we urge the others to keep an eye on the market, break free from their unsuitable or uncompetitive accounts, and take advantage of more competitive deals which take account of what they need their account for."
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