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Brits Urged to Switch Current Accounts

24 November 2010

Brits are being urged to switch their current accounts and other financial products to save a significant amount of money.

Research has shown over 90 percent of current account holders could be losing money by not switching to a product offering a better rate of interest and bonus benefits, a Santander report revealed.

Only seven percent of all these holders have switched providers in the last 12 months which is far lower than the number who have switched other financial products such as home insurance, savings account and motor insurance.

“Traditionally, people have kept their current accounts for a long time and many providers have become complacent because of this,” said Gillian Almond, Santander Current Accounts’ head.

“Having a better current account can make a significant financial difference to consumers so it’s important to understand that it’s worth shopping around.”

The ‘Switching in the UK’ report examined consumer habits revealing four in ten have switched car insurance policies in this same period, slightly more than the 33 percent who had changed home insurance policies.

A further 17 percent had switched pay monthly mobile contracts while 15 percent had changed savings accounts.

The study suggests people could miss out on £2.2 billion in interest which found earlier this year three-quarters of current account holders did not intend to switch within the next 12 months.

Younger people are the most likely to switch current accounts as 11 percent of the 18-34 year old group had done so compared to six percent of 35-54 year olds, and five percent of the over 55s.

What Current Account Should I Switch to?

There are some competitive deals on the market currently with banks offering up to £100 cashback simply for joining.

When you are comparing the market consider first how important the overdraft facility is to you – if you are likely to dip into it occasionally make sure you opt for an account that does not charge you too heavily for this.

If however, you confident you are never likely to need this facility then you will be able to take advantage of some of the best rates currently on offer.

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