How much do I love thee?
More than half (58 per cent) of people have been with their current account provider for more than a decade, with the average bank relationship lasting just over 16 years and one month, according to research from Santander Current Accounts.
One out of six people (17 per cent) have stayed with their bank for more than 30 years, and nearly a third (31 per cent) say the main reason they've stayed is simply out of habit.
By comparison, the research found the longest romantic relationship with a partner held by the average UK adult is 14 years and four months.
Love is all you need
Love was the top reason people stayed with their partner, cited by 67 per cent, but this was closely followed by trust and reliability with 55 per cent of Brits in relationships giving this as a key reason for staying loyal to their partner. Meanwhile 31 per cent gave the same reason for remaining loyal to their bank.
The help and support they receive was also named by 52 per cent of people in relationships as a key reason for their loyalty, while 21 per cent say the same when it comes to their current account provider. ‘Financial benefits' have also driven seven per cent of people to stay with their partner and 18 per cent to stay loyal to their bank.
Santander is urging people to review how much benefit they receive from their current account to ensure their money is working as hard as possible. With eight out of 10 current accounts not paying any interest at all, many people could benefit from switching their current account.
Santander's 123 Current Account offers up to 3% cashback on household bills paid by Direct Debit and up to 3% interest on balances up to £20,000, all for a £2 monthly fee. This is not an introductory offer; the account is designed to offer ongoing value and has done so since its launch in March 2012. Santander's dedicated switching service is 5 Star rated by Defaqto and makes it very easy for people to move their bank account to Santander.
Hetal Parmar, head of banking at Santander, said: "The research serves as a stark reminder that it's important to ensure our money is working as hard as possible. There still seems to be a strong sense of apathy when it comes to switching current accounts, even when there are better value deals available, such as Santander's 123 Current Account."
123 Current Account pays cashback on household direct debits
1% cashback on water, council tax and Santander mortgage direct debits
2% cashback on electricity and gas
3% on mobile, home phone, broadband and paid-for TV packages
123 Current Account also pays in-credit interest
1% AER on the entire balance, once the customer's balance is £1,000 or over
2% AER on the entire balance, once the customer's balance is £2,000 or over
3% AER on the entire balance, once the customer's balance is £3,000 or over (up to £20,000).
People can find out more about the account and apply at santander.co.uk.