Red card more likely for soccer teams than banks - Banking - News - Moneyfacts

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Red card more likely for soccer teams than banks

Red card more likely for soccer teams than banks

Category: Banking

Updated: 20/07/2010
First Published: 16/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
British people are more likely to change the football team they support than switch who they bank with, new figures show.

With the world's biggest football competition well underway, one in three people said they would be prepared to switch their allegiance if their national team is knocked out of the World Cup.

One in five went even further, admitting that they had committed a cardinal sporting sin by changing their football team in the past, according to The Co-operative Financial Services.

However, four in five people said that age old club rivalries went out of the window when it came to the World Cup, with grudges put to one side to support their national side.

These surprising admissions of switching sides are not replicated when it comes to banking. Just 29% of respondents said they would be prepared to switch their current accounts, despite poor customer service and a lack of trust in banks.

Rod Bulmer, managing director, Retail, The Co-operative Financial Services, said: "Given the passion that people feel for their national side, it's quite surprising that such a large percentage of people would switch allegiances once their team is out of the World Cup.

"Fewer people, however, would switch their current account provider, which is extraordinary given the lack of trust and poor customer service that many receive from banks.

"However, it's easier now than ever for people to switch accounts if they are unhappy and we've seen a corresponding 38% increase in current account openings since last year."

Many people are put off from switching their current account because the process is perceived as being complicated and time consuming.

However, providers carry out all the hard work, liaising to switch direct debits and, standing orders, while the switch is usually completed within a month.

Some of the most attractive current accounts currently available are the Reward Account from Halifax, which offers customers paying in £1,000 a month an additional £5 on top, and the Premier Direct Current Account from Alliance & Leicester.

Find the best current account for you - Compare current accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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