6 August 2008
Millions of British consumers only use one provider for all their financial products, new research shows. A survey by Abbey Banking reveals that 8.7 million Brits have their current account, savings and other financial products with just one bank. The average Brit uses three separate providers for all their financial needs, but 8.3 million said they would consider consolidating so that they have everything in one place. Perhaps the need to remember multiple passwords and PIN numbers is behind this desire, as the research shows that six million consumers only have one. According to uSwitch.com, Brits could be losing out by trying to keep things simple. The independent price comparison site urges consumers to avoid becoming complacent and to look around for improved deals. Simeon Linstead, Head of Personal Finance at uSwitch.com, said: "With all banks obliged to close or move a customer's bank account, without charge, upon request and many banks offering a free switching service, now is the time to look around for another provider."
© 2008 Adfero Ltd
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