11 January 2007
the best current accounts on offer, preferring instead to opt for what experts are labelling "banking inertia".
Of the consumers polled, 60% of them had held their current account for ten years or more and 18% have never switched their account, despite seeing credit interest rates soar with some banks.
Abbey's survey also revealed that the reason Britons were so reluctant to switch was that they believed the "myths and misconceptions" surrounding current account transfers and thought that the process would be too much hassle.
"Myths and misinformation are stopping people from joining the current account revolution," said Steve Shore, head of banking at Abbey.
"The difference between the best and worst rates is significant and customers can greatly benefit from switching to a better rate. It is important that people realise that the switching process is not a barrier to accessing the best current account rates," Mr Shore added.
Popular myths which prevented consumers from switching included the fact that switching was too much hassle, believed by 65% of those polled; all current accounts are the same, thought by 49%; and that the new bank will offer no assistance in transferring your account, supposed by 26%.
Southerners were found to be least likely to switch their current account, while those living in Scotland had the lowest proportion of non-switchers.
If you're not getting what you want from your existing provider, switching to better banking is easy and only takes a few minutes. Visit uSwitch.com and make an accurate and impartial comparison of all UK current accounts. Apply online and switch today.
© 2008 Adfero Ltd
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