According to the research, switching is far from a regular occurrence, with a third (31%) stating they have not switched in the last 10 years and over half (51%) having done so no more than twice in their lifetime.
It found almost a fifth (19%) of those who never or rarely change savings providers stated it would be simply ‘too much hassle’ or ‘take too long’. Meanwhile, a similar number (18%) had not considered whether they could get a better deal elsewhere.
“When it comes to our money, we’re famous for sticking, not switching. As our research has shown, people rarely change savings accounts, because it’s perceived as a hassle, time-consuming or difficult. The only thing that pushes us to do so is often an incentive for reward – with over half (55%) stating higher interest rates would attract them to a provider,” said Suzanne Lewsley, Ford Money’s chief deposits officer.
“Many challenger savings banks also offer other benefits on top of higher rates. It’s therefore important to research and take your time to shop around to make sure you understand the different products on offer and make the right choice for you. For example, at Ford Money, we offer ‘Our Best Rate Guarantee’, which means existing customers always receive the same rate as new customers on like-for-like variable-rate products.”
New Year, New Savings Account
Ford Money’s research further revealed that while switching is rare, the most popular time to change savings provider is as a new year dawns, with almost one in five (17%) saying they would be more likely to switch savings accounts in January than any other month of the year.
However, despite proving the most popular time of year to consider changing providers, UK adults admitted they are more likely to make dietary changes, such as trying ‘Veganuary’ (16%), than they are to switch savings accounts (14%) this coming January.