first direct challenges non-switchers to take the plunge

Forty-four per cent of UK adults have never switched their current account and a further 27% have only moved their banking once, according to research by first direct.

The survey also revealed that only 4% said they will definitely change their current account provider in the next two years.
 
When asked why they chose their first current account provider a quarter of those surveyed said they plumped for their local high street branch and 21% opted for the bank their parents used, pushing the bank's reputation in to third place (13%).
 
How did you choose your first current account provider?

There was a branch on my local high street 25%
It was the bank my parents used 21%
The bank had a good reputation 13%
It was the bank a friend/partner used 7%
It offered the best new current account incentives 6%
My employer recommended it 4%
It offered the best student current account benefits 3%

When asked what would prompt them to switch, two thirds said the introduction of charges by their current provider and over half (54%) said poor customer service.  However only 15% said they were extremely satisfied with their current account provider, this coupled with the low number of people planning to switch in the next two years suggests that expectations are low when it comes to the level of service banks provide.
 
Which of the following would make you more likely to switch current account provider?

Charges being introduced by my current provider 60%

Poor customer service from my existing provider 54%

To receive a better interest rate 34%

The local branch of my bank closing 31%

To have an account with better account features / additional services 24%

To have access to other products only available to current account customers of another bank 17%

None of the above 16%

Being offered free advice on how to switch current account provider 11%

Andy Forbes, Head of Product at first direct commented: "At first direct we pride ourselves on offering customers unparalleled service, backed up by our many independent customer service awards.
 
"Anyone disappointed with their current provider should shop around and if they were to choose first direct they would quickly see what they'd been missing."
 
first direct currently offers a service guarantee awarding new customers who've never banked with it £100 to switch their personal banking, including standing orders and direct debits, to the online and telephone bank.  The direct bank is so proud of its service credentials that, if the new customer should find they're unhappy with any aspect of the 1st Account after 6 months, they'll be given a further £100 to leave.

For more information, visit firstdirect.com.