Millions `could benefit from switching bank account`

11 March 2010

7 out of 10 Britons have not changed their main bank account since 2000, according to research from Santander, meaning they are potentially missing out on higher levels of interest.

Meanwhile, 24% have switched insurance provider in the last year, while one in five have switched their gas, electricity or water supplier, according to the research.

Helen Bierton, Head of Current Accounts at Santander commented: "In this day and age it is important to look around for the best deal, to make your money stretch as far as it can. One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account."

A spokesperson for Think Banking said: "Bank accounts are just one of many things that people can switch to get a better deal. However, customers should not just think about the interest rate - they also need to make sure the account offers all the features they are looking for.

"For example, people who struggle to manage their finances alone could benefit from a managed bank account, in which the account holder has a personal finance adviser and an account specifically designed to make sure they have put enough money aside for bills each month."

Tags: bank, bank accounts, interest

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