Consumers Reluctant to Change Current Accounts
Survey by The Bank of England show that switching current accounts is still rare
20th June 2004
A Bank of England report on the current account market over 5 years has highlighted peoples reluctance to switch personal accounts, despite better deals being available from smaller banks.
The 'Big 4' high street banks held around 65% of the total market, despite evidence that the bigger the bank, the less competitive deals customers could get.
The report estimated that the average length of time it took someone to switch to a new account was 91 years - effectively, most people stuck with one account for life.
Read More: BBC Your Money
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