Banking loyalty costs customers £2.9bn

23 August 2005
Misplaced loyalty to their current account provider is costing banking customers as much as £2.9 billion every year, according to new research.

Figures from Alliance & Leicester Current Accounts indicate that a large proportion of current account holders are sticking with the traditional high street bank they have always used, meaning they are potentially losing out on significant savings.

Almost two-thirds (59 per cent) of the customers surveyed by Alliance & Leicester have held a current account with the same bank for at least a decade, with almost half (42 per cent) of them choosing one of the main high street banks.

Simon Ripton, current accounts manager at Alliance & Leicester, said: "Today's current accounts are not all the same, and most banking customers are not getting the best deal available. There has never been a better time to switch."

With some current accounts offering banking customers a saving of up to £144 compared with those hosted by the traditional major banks, switching allegiances could actually save consumers billions.

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