Get independence from your poor value current accounts

One in five Britons (21 per cent) fail to switch their current account, simply because they say they don't have time to do so, according to a study by Santander's UK current account brands, Abbey and Alliance & Leicester. This is despite accounts such as Abbey's Preferred In-Credit Rate Account and A&L's Premier Direct paying at least 60 times more than other accounts on the market.

The number of people claiming not to have enough time to make this simple change has nearly doubled since last January, when a similar report showed that only 12 per cent felt they had no time to switch.

The research also reveals that three in ten (29 per cent) think that it's not financially advantageous to switch bank accounts despite the clear difference between the credit interest rates on offer.

Emma Walkley, Current Accounts Manager for Abbey and Alliance & Leicester said: "Our research shows that nearly one in ten (8 per cent) say they now keep a larger balance in their current account compared to 12 months ago, so 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.

Walkley continued: "With many people in the UK joining in the Independence Day festivities, it is about time that people sought independence from their poor paying bank account. With Abbey and Alliance & Leicester recently increasing their interest rates to 6.00% per cent on their current accounts, now is a great time to enjoy your own Independence Day."

Half of Britons (52 per cent) remain with the same bank they opened over a decade ago, resulting in them missing out on more competitive offers in this now rapidly changing market.

One in eight (12 per cent) people admit they steer clear of switching bank accounts because they are worried about their credit score and how this might stop them being accepted by another bank.

The 7 Myths of Switching vs The Reality of Switching

Myth: It is not worth it financially

Fact: Abbey's Preferred In-Credit Rate (PICR) and Reward Bank Account, and Alliance & Leicester Premier Direct and Premier 50 accounts, all pay 6.00 per cent interest compared to many which do not pay interest - a potential difference of £150 per year.

Myth: It is too much hassle to switch direct debits and standing orders.

Fact: Abbey and Alliance & Leicester have a dedicated Account Transfer service which transfers all direct debits and standing orders from your old bank account for you.

Myth: It is too time consuming

Fact: Applying for an Abbey or Alliance & Leicester current account online will take 5 to 10 minutes

Myth: Payments may be missed when switching direct debits and standing orders over

Fact: During the switching period no fees will be applied to the account as a result of payments being missed.

Myth: My credit rating isn't good enough

Fact: You do not have to have a perfect credit history to switch to a different current account provider.

Myth: It takes too long for bank cards and cheque books to arrive in the post

Fact: Cards, PIN numbers and chequebooks are all with you within 10 days of opening the account.

Myth: It takes too long for the new current account to become active

Fact: The new bank account becomes active quite quickly, although it takes around four weeks for all direct debits to start leaving the account and for the switching process to be completed. We notify you when it is complete.

To find out more information about Abbey's Preferred In-Credit Rate account, go to abbey.com, or go to alliance-leicester.co.uk/currentaccounts for more information about Alliance & Leicester's Premier range of current accounts and the latest offers available.