Are You more Loyal to Your Bank than Your Football Team?

18-Jun-2010

How strong are your loyalties to your national team this summer? New research from The Co-operative Bank Current Accounts shows that 31% of UK residents are prepared to switch their allegiance to another team if theirs is knocked out of the World Cup or is not taking part, whilst considerably fewer are prepared to leave their bank. 

The research also shows that 19% of people have changed the football team that they support in the past.  However, football patriotism is strong enough that four out of five football fans are also prepared to put aside allegiance to a particular football club in order to support their national team.  Children are apparently more fickle in their team choices than their parents, with 24% of under-eighteens prepared to switch their support to a different team compared to 12% of over 45s.

Perhaps unexpectedly, fewer people are prepared to move their current account to a new provider than are prepared to desert their national team when they are not involved in the World Cup.  Only 29% of people would leave their current account provider, preferring to put up with unsatisfactory customer service or high service and penalty charges.

Rod Bulmer, Managing Director, Retail, The Co-operative Financial Services, said: "Given the passion that people feel for their national side, it's quite surprising that such a large percentage of people would switch allegiances once their team is out of the World Cup."

"Fewer people, however, would switch their current account provider, which is extraordinary given the lack of trust and poor customer service that many receive from banks. However, it's easier now than ever for people to switch accounts if they are unhappy and we've seen a corresponding 38% increase in current account openings since last year."

If you are not satisfied with the service you are getting from your bank, switching your current account has never been easier.  Have a think about any elements of your bank's service that you are not happy with, and then shop around for a current account that offers you something more.  Most providers will take care of moving over all your direct debits and standing orders for you.  Some banks offer a cash incentive for switching, which can provide a nice windfall but only if the service genuinely matches or exceeds that which you are getting from your current bank.

Compare current accounts now and find a better deal.