Qualified advisers answering your
Financial Questions
call 0800 092 1245

'Too much trouble' to move banks in UK

Two thirds of bank customers feel that they are unable to switch account providers, according to research by finance website a thousand customers were surveyed, and although many expressed dissatisfaction with their current bank, an eighth of respondents said that it was too much bother to switch, with a quarter adding that banks were all the same anyway. One in 16 people believed that changing providers could cause direct debits and standing orders to go astray. One in seven customers cited their overdraft as an impediment to switching providers.David Kuo, head of personal finance at commented: "It is disappointing to see that two out of three people are shackled to their banks. It is also upsetting to discover many people are under the misapprehension that switching bank accounts is both futile and troublesome." He added: "Perhaps the most distressing finding is that many people believe that being overdrawn prevents them from moving banks. These customers can benefit greatly from moving to banks with better deals."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details