N&P urges people to use the 'extra hour in bed' wisely
The clocks go back and British Summer Time comes to an end this weekend, giving people in the UK an extra hour on Sunday (30th October). While many people see this as the perfect opportunity for an ‘extra hour in bed', N&P (Norwich and Peterborough Building Society) is urging the 17 million people who have never switched current accounts to spend some of that extra hour wisely and review their current account to make sure they are getting a good deal.
Research from N&P shows that one third (35%) of Brits have never switched their main current account provider, with many not doing so because they think switching is ‘too much hassle'. One in five (22%) Brits have switched just once in their lifetime. Worryingly, nearly two thirds of people (64%) are not even looking to review their current account within the next 12 months.
Ewan Edwards, head of retail products at N&P, said: "Millions of people believe the myth that switching current accounts is ‘too much hassle' and more trouble than it is worth. The reality is that it would be easy to switch current accounts in the extra hour that we'll get on Sunday morning.
"One in six people think that all current accounts are the same, but there can be significant differences which can mean certain current accounts would provide you with much better value and customer service than another account would, especially if you pay a monthly fee for the account, aren't using the benefits and are not getting value for money."
"Spending a short amount of time thinking about what you need from a current account and looking at better value accounts, could save you a small fortune. You could even apply for a new account within the extra hour you are getting from the clocks going back."
N&P's Gold Classic Current Account offers:
free debit card use overseas, including point of sale transactions and ATM withdrawals which could see customers save up to £12 on each £250 ATM withdrawal in local currency compared to fees charged by some other providers;
free card and key replacement protection with Sentinal Gold;
an interest free £250 short-term overdraft, subject to status;
a switching promise - N&P will give you £50 if it doesn't transfer your direct debits and standing orders within 10 working days.
The research showed:
almost 4 in 10 people (38%) said that changing their main current account would be too much hassle, put off by filling out forms and providing the necessary documents
17% thought that all current accounts were the same and therefore saw no point in switching
16 to 24 year olds most likely to review their main current account with 30% reviewing in the next 12 months, with 45 to 54 year olds least likely (21%)
one third of people (31%) would switch current accounts to get better offers, including a free overdraft, free ATM withdrawals overseas.