Brits are loyal with current accounts, bar bad service

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Brits are loyal with current accounts, bar bad service

Mon 29th Jan 2007

Brits are much more likely to take offence at poor customer service and switch current account provider because of this rather than seek out higher interest rates, new research has shown.

Price comparison website moneysupermarket discovered that loyalty is torn once the service gets bad, though almost four in ten Brits had never changed their current account.

It was also found that more than a quarter of people are happy to stick with their current account provider because to change would cause them unwanted hassle.

Stuart Glendinning, managing director at moneysupermarket, said: "Inertia creeps in when it comes to switching current accounts, but it really beggars belief when there are so many great deals on the market.

"Many people cannot be bothered, or fear the transition will not be smooth, direct debits left unpaid and penalties incurred, yet I expect any decent provider should be very humble if the switch was anything less than straightforward."

The research found there to be 14 current accounts presently offering an interest rate in excess of three per cent, and six of these provide a rate over five per cent.

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