UK Money News
19th June 2008
Britons reluctant to change account providers
Britons remain reticent when it comes switching current account provider, despite increased competition for business among banks and building societies.
A survey conducted by moneysupermarket.com found that over the last two years, just one in seven people have transferred their business to another provider.
Of those who have done so, the principal reason cited for doing so was punitive fees on overdrafts - which was a factor in 34 per cent of cases.
Meanwhile, 28 per cent did so in search of a better standard of service and 24 per cent made the change to secure a better rate of interest on their balances.
Kevin Mountford, head of current accounts at price comparison site moneysupermarket.com, said: "Current account providers have been working hard to tempt consumers to change by offering ever enticing in-credit interest rates and new packaged options.
"However, our research shows that most people tend to stick with their current provider despite derisory in-credit rates and extortionate fees."
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