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Switch to save money

Category: Banking

Updated: 09/03/2010
First Published: 09/03/2010

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 It is now over 6 months old so the content may be out of date.

Bank customers have been urged to consider changing providers, after research revealed millions of people are missing out on savings due to a lack of switching.

One in four Britons have switched insurance providers in the last 12 months, and one in five have switched a gas, electricity or water supplier, yet most people refuse to switch their current accounts and are missing out on a better deal as a result.

Seven in ten Britons, equating to more than 34 million people, have not switched their main current account since 2000, the research from Santander has revealed, while three quarters said they had no plans to review their current accounts in the near future.

"In this day and age it is important to look around for the best deal, to make your money stretch as far as it can," said Helen Bierton, head of current accounts at Santander.

"One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account.

"Whereas many people see how much they can save by switching their insurance, for example, they don't see the benefits of switching current accounts."

Meanwhile, the options open to bank customers are set to widen in the coming months.

Metro Bank is set to become the first new bank to open on the UK high street for more than 150 years, when its first two branches throw open their doors in the autumn.

Virgin Money has also confirmed it soon intends to start offering bank accounts.

Thinking of switching - compare current account

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 Any products featured may be withdrawn by their provider or changed at any time.

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