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News Article

39% of people 'have never switched bank accounts'

Published 15 November 2012 by

According to a new survey for of over 2,000 British adults, carried out for, 39% of people have never switched their bank account.

But people could be missing out on a range of useful benefits that could help to improve their finances, says an expert at thinkmoney.

This comes as nearly half (50%) of people feel worse off now than they did a year ago - the highest number recorded by the comparison site since 2010. A fifth of people in the UK say they are now 'seriously worried' about their financial situation and almost a quarter (23%) say that they usually run out of money by the end of the month.

However, although many people could save money by switching financial products, it seems that many people are reluctant to do so. And it's not just bank accounts that people infrequently switch.

25% of people have never changed their broadband provider and 26% have always stayed with the same mobile phone operator. People are also potentially missing out on big savings on other areas of their household finances that can often be expensive.

For example, nearly two thirds of drivers (64%) haven't switched car insurer in the last year, while 72% of people have also stuck with their home insurance policy for the same amount of time.

Despite recent increases to energy costs, 56% of people who replied to the survey haven't changed their energy provider for three years or more - and 29% have never switched at all.

John Miles,'s business development director, said: "Saving money on your household expenses needn't be a chore. Don't accept your insurance renewal quotes or energy tariff changes without checking that the new price is competitive, and take time once or twice a year to review your finances and check that you are not paying over the odds for your household bills."

A spokesperson for thinkmoney commented: "When it comes to managing your money, having a bank account that meets all your needs should be a big priority. It's important to think about what services you need, and to shop around accordingly.

"Remember that it's not only high street providers that could offer the account you're looking for. The thinkmoney Personal Account, for example, is an alternative to a bank account that could really help you to keep on top of your monthly finances with its built-in budgeting service.

"Amongst other things, the account comes with phone, SMS and online account management, so you can keep an eye on your account whenever suits you - and Money Managers who will make sure all the bills you tell us about are paid on time every month."