We stay with our banks longer than our partners
If you’ve stayed with the same bank since you opened a Squirrel Supersaver account when you were ten, you’re not alone. According to Which! the average length of time a customer stays with a bank is a whopping 16 years – longer than the average long term relationship in the UK.
58% of the people surveyed had kept their bank account for 10 years or more, and one in six had been with the same bank for 30 years. And that's despite low customer satisfaction scores and dodgy geezers like Bob Diamond.
So why do we stay so long? Is it misguided loyalty? Or just sheer laziness? Which! cite ‘customer inertia’ as the reason nobody bothers changing. And with the big five banks, Lloyds TSB Banking Group, RBS Group, Barclays, HSBC and Santander counting for 90% of the market, it’s easy to see that it’s very much a matter of ‘same crap, different bucket.’
However, in September the Payments Council is planning to launch a new account switching service, geared towards helping customers move banks.
But with competition still thin on the ground, will there really be any reason for us to give up that bank account we drunkenly chose as students - just because you got a tenner and a free pen?