Matt Sanders, Gocompare.com’s banking spokesperson said:
“Competition is king when promoting a healthy consumer market and the same goes for financial products. The more customers can pitch one savings or current account interest rate against another, the better.
“We’re all used to shopping around for our car insurance, groceries, flights and holidays but we should look to do the same with our finances. Your financial needs change year on year as your lifestyle changes, so it’s always healthy to have a quick look around the market and see what else is available.
“In a study we did earlier this year, we found that more than a third (38%)* of people have never switched their current account, so it’s particularly important that people realise that there are a multitude of different current and savings accounts on the market at the moment, so if they’re not happy with the rates or service they’re currently being offered there’s no shortage of alternatives available.
“Savers have had it tough in recent years, with interest rates remaining at a record low. Sticking with one bank or building society could encourage an element of complacency on the provider’s part; they may assume that because you’re still there you’re happy with the service or rate. The message with all products, financial or otherwise, is shop around and vote with your feet.”
*On 16-17 December 2013, Vision Critical conducted an online survey among 2,005 randomly selected British adults who are Springboard UK panellists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.