25 September 2006
New research from Abbey has shown that 91% of consumers found switching current accounts to be an easy process.
Abbey's 2006 Banking Report, which looks into the current account market, also discovered that while a massive 83% of dissatisfied account holders have seriously thought about switching their product, most never do.
Some 65% of people choose to stay with the same account as they believe switching would be too much hassle, while the main reason consumers were dissatisfied was because of better offers being available elsewhere (47%).
Reza Attar-Zadeh, Abbey spokesman, said: "Although the number of people that are thinking about switching remains high, the proportion taking any action is low.
"This is in spite of the current account market offering much more competitive rates over the past 12 months than in the last several years.
"People are missing out on good rates as they think switching is a headache, but Abbey ensures the process is as painless as possible. Customers need simply sign a form and we will do the rest, keeping them informed as the transfer progresses."
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