Why aren't you switching banks?New Which? research on bank accounts

25 July 2011

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Switch banks to get better service

You can get better service and a better deal by switching your current account, but, according to the latest Which? Money current account satisfaction survey, only a quarter of Which? members have ever done so.

Our survey also found that more than a third of members have considered switching but haven't actually done it. Almost half of these people said they didn't switch because they didn't think they would save or make enough money for it to be worthwhile.

Credit interest

Some accounts pay significantly more credit interest than others. The days when providers competed on credit interest have largely disappeared, but it's still worth shopping around.

You could get 2% with the Which? Best Rate Classic Vantage account from Lloyds TSB, if you pay in £1,000 a month, and as much as 3% if you pay in £3,000 a month. Some current accounts pay no interest at all.

Better service is out there

The second most common reason for not switching was that you didn't think you would get a better service from another bank, but there is a huge difference between the customer satisfaction scores of the best and worst.

The bank with the highest customer score is First Direct, with 92%; an all-time high. Santander got the worst score of 39%; the lowest ever for a British bank in our survey.

For people that did switch bank, getting better customer service was more likely to be the reason they did so, rather than moving in search of more credit interest.

If you're not happy with your bank, check out the latest Best Rate current accounts.

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