Britons happy with personal current accounts

by Gill Montia

Story link: Britons happy with personal current accounts

Britons are happy with the ways in which their bank current accounts are provided and run, according to the BBC.

Research by the broadcaster has revealed that 92% of bank account holders questioned had not switched providers in the past two years and of this group, 93% were happy with the service they received.

The study also indicates that only 7% of people are likely to switch in the coming year and that half of those not intending to make a change think all bank accounts are the same.

The snapshot of the relationship between Britons and their personal current account (PCA) providers will come as a disappointment to the Office of Fair Trading (OFT), which is convinced that PCAs are not working well for consumers.

Delivering a lecture at the Cass Business School last week, OFT chairman, Philip Collins, said he wanted to see “properly informed consumers manage their accounts and make active choices about which account provider to use, switching where necessary in response to individual and changing needs and new competitive offers”.

The BBC research involved 1,001 adults, of whom 96% were bank account holders.