A quarter of people who switch
current accounts do so because they're seeking
online banking facilities. New research into
current account holders in the UK also shows that customer service, local branches and transparent charging structures are significant factors in an individual's decision to switch.
The Co-operative Bank's study suggests the financial crisis prompted consumers to take a closer look at their banking providers and vote with their feet if they didn't like or trust what they saw – in spite of "the usual trends of inertia" in the
current account market.
However, the average person is still more likely to switch their energy provider, move house or change mobile phone companies than switch their
current account, according to the research.
John Hughes from The Co-operative comments that now, more than ever, consumers should review their banking products as their personal circumstances change, to ensure their
current account suits their financial needs and service requirements.
"In the past, moving a
current account often seemed daunting but, actually, most banks now do all the work, including transferring all direct debits and existing balances, which makes the process much easier for customers," he concludes.
