Which? uses cookies to improve our sites and by continuing you agree to our cookies policy.

Why aren’t you switching banks?

New Which? research on bank accounts

bank picture

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.

pound coins

Which? Money when you need it

You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.

Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.

Or for money-saving tips, and news of how what’s going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast

For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.

Back to top