Report: One-In-Five UK Consumers Will Switch Bank Accounts

A new study reported that about one-in-five UK current account customers want to switch banking accounts, reports The Telegraph. The study suggested that there may be imminent demands for new switching services for consumers. Two-thirds of current account members said they have been at the same bank for five years or more, however 18 percent reported they would be looking into other banking services soon.

David Black, of Consumer Intelligence, told The Telegraph, "It is clear that current account customers are reluctant to switch at the moment, with 64 percent sticking with their provider for five years or more. The old saying about people being more likely to divorce than leave their bank has some truth to it."

The Payments Council has announced it will be launching a new switching service by September 2013 that may finally empower consumers to make the switch.

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