Over half of consumers still have a current account with their first bank – and 45 per cent have never thought of changing it
Over half of people (58 per cent) admit to still having their current account with the first ever bank they joined, according to a poll* by MoneySuperMarket.
The UK's number one comparison site asked consumers whether they had kept their current account with their first bank. The poll of 1,692 MoneySuperMarket site users found the majority of people had never left their bank with almost half (45 per cent) admitting that they've never even thought of changing it. A further 13 per cent have stuck with their first bank, although they acknowledge it is not their main current account (six per cent) or that they are planning on switching (seven per cent).
Kevin Mountford, head of banking at MoneySuperMarket, said: "Opening your first bank account as a child, when you become a student or when you get your first job is a major financial milestone for most people, however, remaining loyal to that bank may not necessarily be helping your bank balance. It is worrying that so many people are still wedded to their 'first' bank as loyalty very rarely pays, and while you may be very happy with your existing provider, it is still worth making sure your account is right for you.
"Everyone should review their banking needs annually and ensure they are getting the most from their bank and, if necessary, switch if there is a better option elsewhere. This is particularly important if you have a packaged current account, or utilise an overdraft facility as you could be paying hundreds of pounds in unnecessary charges. It can be very easy to assume that all banks are the same, but with a vast range of fees and charges, this certainly isn't the case.
"Many banks offer attractive switching incentives to move your main current account, but it is important to look beyond these deals and make sure the account is right for you. The September launch of the Current Account Switching Service has made changing bank accounts easier than ever before, and already we have seen an uplift in switchers of 11 per cent as a result. Anyone who has been put off moving their account in the past because they were concerned it would be a hassle filled and complicated process, should be reassured they can now move to a bank better suited to their needs in just seven days."
Is your current account still with your first bank?
Yes – I've never thought of changing it – 45.2%
Yes – but it's not my main current account – 5.9%
Yes – but I am planning on switching – 6.6%
No – I switched a long time ago – 24.1%
No – I switched recently to a better account 11.6%
No – I change it frequently according to the best deal – 5.4%
I don't know – 1.1%