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Santander: Current accounts last longer than relationships
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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.”

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Written by Editorial Team