Santander: Current accounts last longer than relationships Go compare with our comparison table

Santander: Current accounts last longer than relationships

24 August 2010 / by Rachael Stiles

Britons stay with their bank longer than their partners, according to new research by Santander.

The study found that the average length of time someone has had their current account for is 16.5 years, compared to the average relationship which lasts 14.1 years.

One in five people have had the same current account for more than 30 years, while more than half have had the same one for more than a decade.

When it comes to switching current accounts regularly in search of the best deals, only seven per cent of UK adults have moved banks three times or more in the last 10 years.

Helen Beirton, head of Santander current accounts, said that, as with personal relationships, people might be reluctant to change because the prospect can be daunting, even if they are not getting the most out of their current bank.

But, "In reality, it can actually be a very simple and rewarding task," she said, and Santander has a dedicated switching service for customers wishing to change banks to ensure that everything runs smoothly.

The Santander current account also offers a £100 bonus for switching, and customers earn a fixed rate of 5% AER (fixed) on balances that are in-credit in the first year. It also offers an interest-free overdraft for the first four months.
 
Commenting on the figures, Ms Beirton explained: "Interestingly, those who have switched current accounts in the past 10 years say it is about rates and rewards, with reasons such as convenience and trust appearing high on the list of priorities.

"Santander continues to reward customer loyalty, offering primary customers preferential product offerings, meaning if you choose to bank with us, we will reward you with better deals on other banking products."

© Fair Investment Company Ltd

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 AccountInterest (AER)Overdraft RateFunding Required*Fee pmFeaturesApply
Up to 3%0.0%£500 pm£2Earn cashback on household bills. 3% AER on balances over £3000 More Info >
0.00%Daily fees on agreed overdrafts£0.00Nil£5 cashback every month you deposit £1,000. More Info >
0.0%19.30%£0.00 NilTelephone and Online Banking - Simply, free and easy to useMore Info >
0.0%18.30%£300.00£5pmBenefits include mobile phone insurance, cardholder protection and much more for £6.50 per month.More Info >
0.0%18.30%£300.00£15Benefits include Travel Insurance, mobile phone insurance, breakdown cover and much more for £15 per month.More Info >
0.0%19.90 %£500NilOverdraft, award-winning online banking, access to 4% savings accountMore Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0.0%19.49%£100.00 £12.95For the third year running, the independent financial research company Defaqto gave Advantage Gold their 5 Star rating for product features, benefits and charges (February 2011).More Info >
£0.0019.24%£100.00£12.95Mobile phone insurance - includes iPhones; Green Flag car breakdown cover - even on your driveway; Annual world wide travel insurance - includes winter sports.More Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0%18.9%£700 per monthNilPreferential rates on savings and loans. Free European travel insurance, discounts on home insurance. No monthly fee. (Pay in a minimum of £750 per month to get the benefits.)More Info >

*Some current accounts require customers to pay in a minimum amount each month.

**See Terms and Conditions