Fifth of customers 'don't have time' to change banks

A new study has found that people are sticking with the same bank simply because they cannot find time to change.

A fifth of customers say they do not have the time, a figure which has almost doubled since January.

The research, carried out by Santander, also revealed that half of Brits have not changed their bank accounts in over a decade, sometimes paying over 60 times the interest rate on their current account they could get elsewhere.

Three in ten customers believe that it would not benefit them financially if they were to switch banks.

Emma Walkley, current accounts manager for Abbey and Alliance & Leicester, said: "It seems that many British banking customers are missing out on some easy money, as the chances are they will still be with a bank that pays little or no interest on current account balances."

She went on to say that one in eight customers admit to not changing banks because they are worried about their credit score.

In other news, the British government said this week it is hopeful banks will sign up to a new voluntary tax code, reported Reuters.

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2009-07-02 13:28:26 © Moneyextra.com