Millions of loyal current account holders risk missing out on better deals due to their failure to switch providers, Santander has warned.
Research from Santander Current Accounts has found that while a quarter of Brits have switched insurance providers in the past year in search of a better deal, 70 per cent of Brits – more than 34 million people – have not switched their main current account since 2000.
According to the Spanish bank, which now owns Alliance & Leicester, current account holders could earn up to £125 in interest in the first year and enjoy an interest free overdraft for the first 12 months by switching to Alliance & Leicester's Premier Direct Current Account which pays 5.00% AER on balances up to £2,500.
However, despite the savings that can be made from switching providers, three quarters of Brits say they have no plans to move providers in the near future.
Encouraging current account holders to review their finances, Helen Bierton, head of current accounts at Santander, has stressed the importance of looking around for the best deal "to make your money stretch as far as it can".
"One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account. Whereas many people see how much they can save by switching their insurance for example, people don't see the benefits of switching current account.
"However, by switching current accounts you can start earning a great rate of interest which can earn you up to up to £125 in the first year," she said.
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