Abbey: Brits stick with 'unsuitable' current accounts

17 November 2005
The majority of Brits are unhappy with their current account - but do not intend to switch to another bank, says Abbey.

A survey by the bank found nine million Britons are unhappy with their current account but are unwilling to change to a new provider.

Abbey found 86 per cent of current account holders have seriously considered switching their account but never go ahead with the swap - while 73 per cent said switching "would be a hassle".

Abbey’s head of banking marketing, Reza Attar-Zadeh, said: "Every year our research shows an increasing number of people dissatisfied with the service they get and the poor rates of interest paid on their account.

"However, the majority are still reluctant to move. There remains a belief amongst Britons that moving current accounts is just too difficult to comprehend," he added.

The bank says Brits could save money by switching to an account with a lower interest rate or choosing an account without added 'extras'.

Abbey found over a fifth of UK customers pay £120 a year for 'extras' they believe to only be worth £50 a year.

A survey by moneyexpert.com earlier this month agreed customers were most dissatisfied with their current account.

Other less popular financial products included credit cards and savings accounts.


To read more about Current Accounts, click here.


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