British workers 'disappointed' by Big Four current accounts
26 November 2003
British consumers are disappointed with the performance of the Big Four banks, a survey for Alliance & Leicester claims.
Research on behalf of the financial services company found that 62 per cent of British workers banking with the Big Four feel they don't get enough rewards from their current account.
The survey by BMRB shows that 60 per cent of working Brits who hold their main current account with Lloyds TSB, Barclays, RBS NatWest or HSBC are unaware that they can get extra benefits such as a cheaper overdraft rate or free travel insurance by switching current accounts.
Commenting on the research, Simon Ripton, manager of current accounts at Alliance & Leicester, said: "It is shocking that despite greater competition in the current account market, 28 million (71 per cent) of all current account holders continue to bank with the Big Four banks.
"With only 13 per cent of people in the UK having ever switched their current account and 68 per cent of us having kept our account with the same bank or building society for over 10 years, these banks are relying on customer apathy and continue to offer uncompetitive accounts."