Consumers ‘too lazy’ to switch their bank

A study by the British consumer watchdog Which? magazine has found that many consumers are reluctant to move their current account even though they would probably get a better deal.

The magazine survey, which was based on questionnaires from 4,160 readers, was conducted between April and May 2001.

The research found that three-quarters of people said they would not move their current account, while 81 per cent said it was too much trouble to switch a personal loan to get a better rate.

Around 50 per cent of those questioned said they would not move their current account because they thought it would be too difficult to move a personal loan.

However the majority of people who had changed banks or building societies said the transition was hassle-free.

Around 97 per cent of people who changed credit card provider said they did so without problem, while 95 per cent found switching savings accounts easy, and 88 per cent reported no problems in changing personal loans.

Helen Parker, editor of Which? said: “There is a widespread view that switching different financial products is more hassle than it is worth. But our survey shows that, once you’ve overcome the inertia, it can be very easy to do.

“If you’re unhappy with any aspect of your financial products, you should seriously consider switching. You could save a considerable amount of money.” (AMcE)