Even though most dissatisfied banking customers claim they have given serious thought to switching their current accounts to another provider, the majority have failed to take action.
One in three people have stuck with their same banking provider for over two decades, with 48 per cent staying with the same account for life, Abbey found.
But with more competitive deals now available in the current account market, Abbey predicts more people will switch in the near future.
Frustration with poor services and low interest rates are the main reason banking customers consider switching current account providers, says Abbey's head of banking marketing, Reza Attar-Zadeh.
The main reason people stall on this however is because they think switching providers is a complicated and confusing process, she says.
But Ms Attar-Zadeh believes customers "can make the leap without the hassle".
Abbey offers a free switching service to banking customers that want to switch current accounts to the bank.
The bank claims that it continues to offer an "excellent" interest rate on its current account. At present, an interest rate of six per cent is offered on Abbey current accounts.
Abbey: Switching banking providers is easy
Abbey: Switching banking providers is easy
Thu, 17 Nov 2005
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