Bank loyalty lasts nearly as long as a marriage

05 July 2006
According to figures from Alliance and Leicester, the longest relationship Britons enter into, other than marriage, is with their current account provider.

Just under two-thirds (59 per cent) of Britons have been with the same bank for ten years or more and A&L claims that by not shopping around for a better deal once in a while, consumers are missing out.

The six in ten figure, equivalent to 26.1 million people, staying with their bank for a decade eclipses the amount of time the average Brit spends in a property (seven years) or working in any one job (seven-and-a-half years) and is only just under the average length of a marriage (11 years).

"Researching the market to check how competitive your bank is should be routine for all banking customers, especially given how simple and straightforward the switching process is today," said Helen Palmer, current accounts manager at A&L.

"We urge [people] to keep an eye on the market, break free from their unsuitable or uncompetitive accounts and take advantage of more competitive deals."

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