Consumers show unremitting loyalty to their banks

The average UK bank account holder has had their main account for more than 20 years, according to research from Halifax.

One in ten people still use the bank account that they opened as a child, while a third of adults opened their main current account between the ages of 16-24.

One of the strongest claims to longevity is the family, with 17% stating that they had chosen their current bank because of their parents holding accounts there too.

Almost a quarter chose their provider based on proximity, starting up through the branch closest to their house when they opened their account.

The range of bank account services offered through internet banking appears to have lessened the reliance on location, however, as only 16% said that proximity would be a factor if they were looking to switch accounts.

When customers were asked what would make them consider changing banks, 30% were determined that nothing would persuade them to change providers.

The hope of better interest rates is the biggest priority for bank account holders, and the most likely to prompt a shift. Over and above the issues of accessibility and better service, 37% were prepared to move to find better returns on their current account. 30% reported that they would be tempted to switch based on incentives.

To Anthony Warrington, director of Halifax current accounts, sentimentality should cede to suitability.

"We understand why some people are reluctant to change current accounts, but moving to the right account really could make them better off. If someone's with the bank that they chose at 11 years old or simply because it was the closest branch to where they lived at the time, the likelihood is that there is an account that is more suitable for them now. It's an important decision, and it doesn't have to be hard work".

How long have you been with your bank? What would make you change? Visit Which4U’s bank account listings today to see if your bank still competes with the best around.

Kate Guthrie