New research finds the average length of time a person has held the same bank account beats the average length of longest relationship in the UK, according to Santander.
A survey commissioned by Spanish bank Santander has found the average bank account relationship lasts just over 16 years compared with 14 years for a romantic relationship with a partner.
It seems some things in life are stronger than love and in this case, according to Santander its our relationship with our bank account. The survey found that 58% of people keep the same current account for over 10 years with one in six sticking with their bank for over 30 years.
Santander are rated poor for customer satisfaction by Which? members with a low customer score of 49%, to see how other providers are rated visit best banks for customer satisfaction.
New account switching service to increase competition
These findings reflect a market with high customer inertia and low levels of competition. Recent research from Mintel found that nearly 90% of the market is concentrated with the big five banking groups, Lloyds TSB Banking Group, RBS Group, Barclays, HSBC and Santander. Consequently it has been a focus of UK regulatory bodies to enhance competition on the UK high street.
In September the Payments Council is due to launch a new account switching service designed to help customers switch bank account. The new service will reduce the time it takes to switch from around 18 to seven working days, provide a switching guarantee that customer can rely on as well as automatically switching incoming payments to the new account.
It is hoped these changes will help reinvigorate competition in the current account market.
Finding the best current account
If you are looking to switch to current account, there are some good deals on the market. We show the best deals for a variety of scenarios:
- Best bank accounts for credit interest – we show the best deals for current accounts that pay interest for customers that stay in credit.
- Best bank accounts for authorised overdrafts – we show the best deal for customers that go in to the red each month.
- Fee-charging bank accounts – we rate packed current accounts on the market, showing the key benefits that they include and how much they cost over a year.