Over 51 per cent of consumers claim they spend less than an hour researching bank accounts before signing up to a current account.
The Santander survey found that just 35 per cent spend more than an hour looking into the various attributes of the accounts before they make a decision.
In terms of other financial matters, 51 per cent of people spend more than an hour looking for their car insurance deal and 46 per cent spend more than 60 minutes researching home insurance.
In the past year, consumers have spent a total of 3,500 years researching car insurance deals and only 785 years looking into current account incentive, rates and offers.
Gillian Almond, Santander’s head of current accounts, said that most people don’t consider switching current accounts. "However, if they looked into the current account market properly, they would see that there are some highly significant switching incentives on offer, such as immediate cash incentives, better rewards and even preferential rates on other financial services products," she stated.
Santander itself is offering £100 cash and a five per cent interest rate to anyone that switches to a Santander current account in December.
