When did you last switch your current account? If you’ve never switched you’re not alone. Research has shown that over the course of a year, just 6% of bank customers switched their accounts – that’s compared to 20% of energy customers.
The whole issue of switching accounts – with banks, insurance firms and energy companies too – seems like a fraught one. Doesn’t it entail endless searching on comparison sites for good deals, phone calls, piles of paperwork? And in the end, is it all really worth it? Will my payments be redirected properly? Maybe it’s easier to stick with the account I’ve had all this time…
As our infographic shows, we’re twice as likely to move home than switch our bank account, despite there being good reasons to switch provider: better interest rates, attractive deals and improved customer service. However a 7-day switching service, introduced last year, is encouraging more and more people to make a move.
Here we’ve put together some facts, figures and analysis on the psychology of bank account switching.