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Scrimpers urged to switch current accounts

Scrimpers urged to switch current accounts

Category: Banking

Updated: 26/03/2010
First Published: 26/03/2010

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 It is now over 6 months old so the content may be out of date.

Britons have been told switching current accounts could be the simplest way to make their money go further.

The call comes after research from Santander revealed the recession had led to four in five (81%) people recently making changes to cut back on the cost of day to day living.

More than half (55%) said they were searching around for the best grocery deals, while one in five (21%) had started taking their lunch to work.

Yet three quarters (74%) of those surveyed admitted they had no plans to review their current account in the next year, meaning they could be missing out on higher rates of interest as a result.

Seven in ten (70%) respondents to the survey, equating to more than 34 million people, said they had not switched their main current account since 2000.

"Forty million people are still feeling the pinch and trying to find ways of slashing their outgoings to cut back, including starting a 'make do and mend' culture, buying second hand goods on eBay and in charity shops, or reducing household help and their childrens' pocket money," said Helen Bierton, head of Santander current accounts.

"One simple way that people can make their money stretch further is to switch their current account to one which gives them something back. Most accounts on the market offer little or no interest."

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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 Any products featured may be withdrawn by their provider or changed at any time.

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