A total of 60 per cent of Britons have not changed their current account in over ten years even though they could have benefited from better rates, it has been claimed.
Abbey, which conducted research on people’s current account habits, found that 65 per cent believe it is “too much hassle” to switch, while 49 per cent think that most accounts are similar.
In addition, 16 per cent were unaware that it is possible to move overdrafts to certain accounts and over a quarter think that not enough help is given to customers who do want to switch.
However, Abbey, which offers a six per cent interest rate, said that consumers are missing out on the “current account revolution” due to the poor understanding of the process of changing.
Steve Shore, head of banking at Abbey, emphasised the importance of switching in order to find the most suitable rates.
“Myths and misinformation are stopping people from joining the current account revolution,” he said.
“The difference between the best and worst rates is significant, and customers can greatly benefit from switching to a better rate.”
Abbey offers four different current accounts, including one for students and graduates.
© Adfero Ltd