Research shows current account ‘ignorance’

Posted 2008-05-5

More than 25 per cent of people in the UK have only ever had one current account, new research has found.

A survey by Moneysupermarket.com has claimed that ignorance and disinterest are costing people dearly when it comes to earning interest on their accounts.

Despite heavy advertisements, nearly 75 per cent of respondents knew little about the competitive rates being offered by Halifax, Alliance and Leicester and Abbey.

Kevin Mountford, head of savings at Moneysupermarket.com, believes consumers must shop around in order to secure a good deal.

"Its a shame consumers seem hesitant to change current accounts as most providers make the process as easy as possible. If you could buy the same TV for £210 less somewhere else, you wouldnt think twice, however when it comes to current accounts, it seems consumers are happy to miss out," he said.

People in the north of the country were found to change their accounts the least, with 31 per cent saying they have only ever had one account.

Moneysupermarket.com is a price comparison site that allows shoppers to evaluate insurance and other products on the market.

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