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Half of Brits 'have not changed current account in a decade'

According to new research from credit card provider Santander, half of Brits have not switched current accounts for over ten years.

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1 July 2009

Half of Brits 'have not changed current account in a decade'”

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The study revealed that one in five Brits do not switch their current account because they say they do not have the time to do so.

Santander's UK current account brands, Abbey and Alliance and Leicester, warn that this could mean account holders are losing out since interest rates can vary significantly from one account to another. Credit card rates can also vary considerably.

Emma Walkley, current accounts manager for Abbey and Alliance & Leicester, said: "Our research shows that nearly one in ten (8%) say they now keep a larger balance in their current account compared to 12 months ago, so it seems that many British banking customers are missing out on some easy money, as the chances are they will still be with a bank that pays little or no interest on current account balances."

Abbey is currently offering a credit card with 0% foreign exchange fee, with typical 18.9% APR variable.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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