Few would switch even if it was easy

Two-thirds of current account customers are reluctant to switch to a different provider even if the process is made easier, according to research.

A survey by advisory firm Navigant ahead of next week’s Independent Commission on Banking report, which is expected to recommend ways of making it easier to switch, found that 48 per cent of consumers don’t have any problems with their bank.

Just one in three current account users said they were deterred from switching by the hassle or the fear of it going wrong, with two thirds seeing no reason to switch. Of those who would switch, a third would do so to get access to a local branch and a 28 per cent for a better rate of interest, Navigant found.