Moneysupermarket finds rates not relevant to most 'switchers'

30 January 2007
Consumers are more likely to switch current accounts because of a negative customer service experience than in order to obtain a better interest rate, Moneysupermarket.com has revealed.

While 29 per cent of customers who switched were moved to do so by a poor service experience, only 13 per cent switched for a more competitive rate, its research found.

Moreover, a significant minority of customers – 39 per cent – have never changed their current account at all, and only eight per cent switched last year.

Apathy took hold of more than a quarter of customers, who thought switching accounts was simply too much trouble to be worthwhile – a figure which rose to 35 per cent among 'lazy' Londoners.

"Inertia creeps in when it comes to switching current accounts," commented Stuart Glendinning, managing director at moneysupermarket.com.

Earlier this month, a study from Abbey found that over 60 per cent of savers had had the same current account for over a decade and that as many as 65 per cent saw switching accounts as a 'hassle' – but 90 per cent of those who had made the switch found the process 'easy'.

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