Market analysts Datamonitor said that only 7 per cent of people with a current account have changed providers over the past year. This is far lower than the number of people who have switched their car insurance, broadband provider or their energy company.
For instance, some 39 per cent of drivers have changed their car insurance and 33 per cent of people with home insurance have done the same. 17 per cent of people with mobile phones have tracked down a better deal and switched to it.
Financial website Think Money said that many people appeared to be stuck in a rut with their bank account because they did not consider switching providers.
“Maybe it’s because a lot of people have had the same account since they were young and have never even considered it, or maybe it’s because the interest returned on nearly all current accounts is pretty low at the moment,” a spokesman said.
However, they pointed out that the interest rate was not the only important factor when it comes to choosing a bank account. Facilities such as unsecured personal loans and access to overdrafts were also important and could bring financial benefits to the user.
“People who have a bad credit rating and have struggled to get a regular current account may want to consider a bad credit bank account,” the spokesman added.
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