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Three-quarters have not considered current account switch_ survey says

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					Fewer than one in five people considered a current account change, but did not go
through with it, according to a study.Three out of four consumers have never even
considered switching their current account, one survey has revealed.

According to a report by Consumer Focus - which aims to tackle financial issues that
matter to customers including savings accounts and give them a stronger voice - 17
per cent, or more than eight million people in the UK, had thought about making a
change but not gone through with it.

Some of the reasons for this lack of action included the negative effect it could have
on someone's credit rating, as well as the hassle involved.

In addition, only seven per cent of people surveyed admitted they had switched
current accounts in the last two years.

Sarah Brooks, head of financial services at the organisation, said the idea of moving
this product does not even enter the minds of many people, even if their financial
institution is not doing a decent job.

She added: "Until more people are prepared to vote with their feet, there will not be
enough pressure on banks to improve their performance. Complaints against banks are
persistently at an unacceptably high level."

What's more, 29 per cent who are not happy with their financial organisation
and have considered making a change still fail to do so, which is mainly down to the
process.

And more than two in five (44 per cent) pointed out that when they tried to make
changes there had been issues.

However, other sectors did not experience such continuity as 31 per cent switched
their energy supplier with 26 and 22 per cent of customers moving their telecoms and
home insurance providers respectively.

But those looking for a current account to store cash in may like to take heed of
advice from the British Bankers' Association, which observed last week that
these products should not be used as savings accounts

				
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posted:2/23/2011
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