Survey reveals reasons for switching bank accounts
05 February 2010 17:13:44
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| Poor service is a common reason for switching bank accounts. |
Research by the Co-operative Bank questioned 2,000 adults and found that 29% were driven to find a new bank account because of the poor service provided by their existing bank.
Nearly one-quarter (23%) said their original provider did not provide online banking facilities, while 19% were keen to have access to a branch in their local area.
Other commonly cited reasons were the need for a more transparent charging structure (14%) and a desire to bank with a more ethical provider (10%).
John Hughes, business leader for retail products at the Co-operative Financial Services, said that customers are "increasingly likely to switch their bank account if they are unhappy with the service, facilities or ethos of their provider".
Mr Hughes noted that many people used to stick with their bank throughout their lifetime, but revealed that a growing number are now choosing to review their facility and seek out the very best bank accounts.
"In the past, moving a current account often seemed daunting, but actually most banks now do all the work, including transferring all direct debits and existing balances," he added.
A recent study by consumer watchdog Which? found that current account holders in Northern Ireland are the most likely in the UK to switch as a result of bad service.
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