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Bank charges: Brits sticking with banks out of habit

Despite the scandal surrounding several banks relating to payment protection and Libor rigging, it seems Brits are still loyal to their providers.

Research from Santander Current Accounts suggests people are staying with their bank out of habit.

More than half of people (58 per cent) have been with their current account provider for more than a decade, with the average relationship lasting just over 16 years and one month.

Of these, nearly a third (31 per cent) claim this the result of routine rather than strong feelings that they are getting the service they want.

Conversely, the average length of a romantic relationship is just 14 years and four months.

Santander is now encouraging people to review their current account to ensure they are getting the maximum benefits.

Hetal Parmar, head of banking at Santander, said: "The research serves as a stark reminder that it's important to ensure our money is working as hard as possible. 

"There still seems to be a strong sense of apathy when it comes to switching current accounts, even when there are better value deals available."

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801576420-ADNFCR



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