Laziness costs consumers

06 April 2004
It may be complacency, it may be that we're simply too busy to shop around, but the fact is that nearly four out of ten adults (38 per cent) still have the same account they opened when they first started work.

New research from Alliance & Leicester shows that despite greater competition in the current account sector many are not cashing in on the possible deals a change could bring.

Nearly a sixth (16 per cent) of consumers are with the bank or building society they first opened an account with as a child.

Findings further show that 68 per cent of people have had the same account for over ten years. Many young workers do not take the time to look around at what is on offer - 72 per cent admitted they were guilty of this, with only 11 per cent saying they actually reviewed two or more banks.

"Many people stick with a current account throughout their working lives - so it's important they make the right choice at the outset," comments the manager of current accounts at Alliance & Leicester, Simon Ripton.

"It is advisable not to become complacent or stick with uncompetitive deals. Our banking needs will change throughout our working lives and so it is worthwhile regularly assessing whether what we have now really meets our current needs."