Banks are bending further backwards than ever to try to bring in new current account customers, but switching apathy is growing stronger. So, what’s preventing you from making the change?
Only 57,779 customers used the Current Account Switch Service in September, which is an all-time low.
That’s despite a number of banks offering three-figure switching incentives, and a nationwide advertising campaign explaining how simple the process is.
Previous Which? research suggests lots of people aren’t satisfied with their current account, but the difference between the best and worst accounts is eye-catching.
Bank switching incentives
Both Clydesdale Bank and Yorkshire Bank are attempting to lure new customers with £250 – the biggest switching incentive on the market.
That could pay for a significant chunk of your Christmas celebrations, but previous incentives of up to £200 haven’t stopped switching figures dropping. So how big does the incentive need to be before you consider making the move?
How much would a bank need to offer as an incentive to persuade you to switch?
I'd do it for £1,000 (41%, 484 Votes)
£250 seems more than generous (30%, 355 Votes)
No incentive would persuade me to switch (22%, 263 Votes)
I don't need an incentive - I'm switching regardless (7%, 89 Votes)
Total Voters: 1,191
Our guide on switching your bank account lists the best incentives on the market.
How to beat inflation with current accounts
Current accounts have been offering interest rates that beat traditional savings accounts or cash Isas for some time.
You can earn up to 5% AER on in-credit balances, while many accounts offer cashback on spending.
Earlier this month, we reported on current accounts that offer retail discounts, too – there are plenty of rewards available for those who choose a great account.
So, what’s stopping you from switching banks? Are you worried it’s too complicated? Do you think it makes no difference who you bank with? Or are you already delighted with your current account? What incentives, besides cash, would persuade you to swap?