Many UK savers are loyal to their bank and have had held their
current account for a long period of time, a new study has revealed.
According to recent research by Santander, 20 per cent of Brits have had the same account for more than 30 years.
The average number of years that customers have held the same
current account was found to be 16.5 years – 2.3 years than the average long-term relationship lasts.
Consumers are regularly advised to shop around for the best deals when it comes to banking, but the findings indicate that many people prefer to stick with one company.
Helen Bierton, Santander head of
current accounts, said, “For many people enjoying a successful long term relationship in whatever form is more rewarding than chopping and changing.
“When it comes to
current accounts, people often stay with the same provider, even though it might not be the most competitive because the prospect of switching to a new
current account can be daunting.”
Despite many banks offering incentives such as cheap deals on
credit cards, loans and savings, 12.8 million people have not switched any of their products in the last year.
