Brits tend to keep their bank accounts longer than their partners, according to a new report

News - Banking

Written by Ray Clancy

Tuesday, 24 August 2010 08:22

British people stay with their bank longer than their partners with one in five having the same current account for more than 30 years, research shows.

A report from Santander Current Accounts shows that the average length of time people hold the same current account is 16.5 years yet the length of the average longest relationship in a person’s life is 14.1 years.

While more than half of all adults in the UK, some 57%, have kept the same current account for more than a decade, one in five, 18%, have stayed loyal for more than 30 years. The research also reveals there are a minority of ‘serial switchers’ in the UK with 7% having moved their account three times or more in the past 10 years.

Bank customers in the South East have held the same current account for the longest period of time at 17.7 years whereas those in the North West are the most likely to look for a change but only after a lengthy 15.3 years.

‘For many people enjoying a successful long term relationship in whatever form is more rewarding than chopping and changing. When it comes to current accounts, people often stay with the same provider, even though it might not be the most competitive because the prospect of switching to a new current account can be daunting,’ said Helen Bierton, head of Santander Current Accounts.

‘In reality, it can actually be a very simple and rewarding task. Santander has a dedicated switching service to ensure that everything runs smoothly and also offers a £100 bonus for switching, plus 5% AER (fixed) in-credit interest in the first year,’ she explained.

‘Interestingly, those who have switched current accounts in the past 10 years say it is about rates and rewards, with reasons such as convenience and trust appearing high on the list of priorities. Santander continues to reward customer loyalty, offering primary customers preferential product offerings, meaning if you choose to bank with us, we will reward you with better deals on other banking products,’ she added