Brits stay with their bank longer than their partners

Britons keep their current accounts longer than their personal relationships, according to new research from Santander Current Accounts. 

It reveals that on average, the longest relationship a Briton has with a partner lasts 14.1 years but when it comes to current accounts we remain an item for 16.5 years.

While more than half of all adults in the UK (57 per cent) have kept the same current account for more than a decade, one in five (18 per cent) have stayed loyal for more than 30 years.  The research also reveals there are a minority of ‘serial switchers' in the UK - seven per cent have moved their account three times or more in the past 10 years.

Bank customers in the South East have held the same current account for the longest period of time (17.7 years) where as those in the North West are the most likely to look for a change - but only after a lengthy 15.3 years.

Helen Bierton, Head of Santander Current Accounts commented: "For many people enjoying a successful long term relationship in whatever form is more rewarding than chopping and changing.  When it comes to current accounts, people often stay with the same provider, even though it might not be the most competitive because the prospect of switching to a new current account can be daunting."

Helen Bierton, continues: "In reality, it can actually be a very simple and rewarding task. Santander has a dedicated switching service to ensure that everything runs smoothly and also offers a £100 bonus for switching, plus 5% AER (fixed) in-credit interest in the first year.

"Interestingly, those who have switched current accounts in the past 10 years say it is about rates and rewards, with reasons such as convenience and trust appearing high on the list of priorities.    Santander continues to reward customer loyalty, offering primary customers preferential product offerings, meaning if you choose to bank with us, we will reward you with better deals on other banking products."