More than a third of British bank customers have kept the same current account for over 20 years, according to new research that suggests many people may be missing out on better-value options.
The findings come from a study by consumer watchdog Which? which surveyed more than 6,600 account holders across the UK.
The research revealed 37 per cent of customers have remained with their provider for longer than two decades.
Which? said this level of long-term loyalty is rarely rewarded by banks.
The consumer group analysed a wide range of account features.
These included charges, overdraft terms, monthly fees and available benefits.
Researchers also examined customer satisfaction to assess which providers deliver the best overall value.
Six institutions qualified for Which? recommended provider badges after performing strongly across both measures.
Which? shares its top current accounts
|
GETTY
The successful banks are Chase, Danske Bank, First Direct, Monzo, Nationwide Building Society and Starling Bank.
Each met the criteria for high-quality products and strong customer experiences.
To secure the recognition, providers were required to excel across two key areas.
The assessment focused on practical account features while also evaluating customer satisfaction scores.
Table of providers
|
CoPilot
Which? said the dual approach ensured recommendations went only to providers that demonstrated both competitiveness and service quality.
The group said offering useful benefits alone was not sufficient without strong customer feedback.
Two banks earned the recommended designation for the first time this year.
Chase and Danske Bank both achieved the scores required to join the group.
First Direct is the most established recipient, holding recommended provider status for more than ten years.
That represents the longest continuous period any bank has maintained the watchdog’s endorsement.
Nationwide’s commitment to maintaining physical branches played a significant role in its performance.
Tom Riley, the building society’s director of group retail products, highlighted their “branch promise” guarantee.
The mutual recently pledged to keep all 696 branches under the Nationwide and Virgin Money brands open until at least 2030. The announcement was made last week and reinforced Nationwide’s long-term commitment to the high street.
First Direct is the most established recipient, holding recommended provider status for more than ten years
|
PASam Richardson, deputy editor of Which? Money, said the results show substantial differences between banking providers.
“Banks are not all the same and our analysis proves this,” he said. Mr Richardson said benefits such as fee-free spending abroad and instant spending notifications were becoming increasingly common.
He added that cashback, loyalty payments and switching bonuses could earn customers hundreds of pounds each year.
Which? also found that two additional institutions came close to meeting recommended status.
Allied Irish Bank and Revolut both narrowly missed the necessary criteria. The research was carried out by polling firm Deltapoll in August.
