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March 10, 2010

Santander urges current account review

by Gill Montia

Story link: Santander urges current account review

Santander is challenging the lethargy that underlies the reluctance of Britons to save money by switching bank accounts.

Research from the Spanish banking giant indicates that 70% of UK adults (or over 34 million people) have not switched their main current account since 2000.

Furthermore, 74% of those questioned said they had no plans to review their current accounts in the immediate future.

The figures sit alongside broader switching trends as follows:

In the past year, 24% of respondents had switched insurance providers; 12% had switched mobile phone providers and 21% opted for a new gas, water or electricity supplier.

The most avid insurance switchers are in Northern Ireland, while Londoners and those in the South East lead the field in switching savings account providers.

Last week, Santander announced changes to its ZERO current account.

The fee-free account was launched in January for those with a Santander mortgage but from 8th March, it has also be available to customers holding a Santander investment product, or prepared to set one up.

The bank reckons around 2.5 million people who already have a mortgage or investment product with Santander, but hold their current account with another bank, are in a position to switch immediately.

 

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