British people stick with their current accounts longer than their relationships, according to new research by Santander.
It reports that, on average, the relationships we have with our partners typically last 14.1 years, but the average length of time we stick with our current accounts is 16.5 years.
While that may not be the cheeriest way of measuring current account loyalty, the point is very clear - whether through apathy, or fear of inconvenience, most of us don't switch even when there are much better accounts available.
There are some incredible accounts out there at the moment, packed with perks and even offering cash incentives to switch. Here, we take a look at some of the best, so you can decide if it's time to give your existing account the heave-ho.
Show me the money
Banks and building societies know that we're unlikely to change current accounts, so they offer some incredibly tempting rewards to encourage us to do so - even going so far as to offer free money.
For example, there's a moneysupermarket.com exclusive with the Halifax Reward Current Account. By switching to that deal, you earn a £5 reward each month you pay in £1,000, even if you go overdrawn.
Apply through moneysupermarket.com and you'll also receive £50 cashback, meaning you could make £110 over a year.
Santander's Preferred In-Credit Rate Account, its ZERO Current Account and its Reward Current Account all pay £100 cashback, as long as you switch using the bank's dedicated service and pay in at least £1,000 every month.
If you tend to keep a high balance in your current account then the chances are your existing current account isn't paying you a great rate (the average is just 0.57%), but the Santander Preferred In-Credit Rate Account pays 5% fixed on up to £2,500 for the first 12 months - that's in addition to the £100 switching incentive.
The Reward Current Account pays the same rate of interest, but you pay a £10 monthly fee for the deal because it comes with benefits worth more than £450, including annual worldwide family travel insurance, breakdown cover and identity protection. That means that, with the £100 incentive, you're effectively getting 10 months free.
Santander's ZERO Current Account is a fee-free deal, so you don't pay any charges to use your debit card in the UK or overseas, nor for exceeding your arranged overdraft.
One bank even offers cash if you switch but then decide it's not for you. If you move to First Direct's 1st Account, it will pay you £100, although you need to pay in at least £1,500 a month to qualify for fee-free banking.
After that, if you're not happy with your new current account and you switch again within 12 months, it'll pay you a further £100 for any inconvenience you've suffered!
The account comes with telephone banking 24 hours a day, every day of the year, an interest-free overdraft of £250 and text alerts.
Something more rewarding
Of course, cash to switch is great but some packaged accounts offer longer-term rewards.
Most packaged accounts charge a fee, so you need to be really sure that you'll use the benefits included before you switch, otherwise you'll be paying money for nothing.
Also, some of the freebies included require you to register for the free service, so you have to make sure you do so, otherwise you're paying a fee and not receiving any of the benefits.
There's been a 94% increase in the number of packaged accounts on offer over the last four years, according to research from Defaqto, so there's a lot of choice and you should be able to find benefits that work for you.
The Santander Reward Account already mentioned is one good example of a packaged deal, but there are many more. You can compare packaged current accounts on our page but here are a few of the leading deals.
For example, the Nationwide FlexAccount doesn't charge a monthly fee, but includes European Multi-trip travel insurance, as well as access to the cheapest personal loan rate going at just 7.7%.
The Lloyds TSB Silver Account with Vantage charges £3 for the first two months and £7.95 a month thereafter. It comes with European travel insurance, AA breakdown cover, Sentinel card protection and mobile phone insurance.
If you use all the benefits on offer then you'll save money despite the fee. There are a number of variations on the Lloyds TSB packaged account, including the Gold account, which charges £7.95 a month for the first two and then £12 a month thereafter, but which offers a more comprehensive set of perks.
Simple to switch
Moving current accounts really isn't the hassle you might think. Most banks provide a dedicated switching team to move all your standing orders and direct debits over to the new account. They will also usually offer an overdraft while you switch, in case there were any problems with transferring your salary over straight away.
You won't have to spend hours on the phone setting up the new account either - you simply have to authorise your new bank to do it for you.
Watch our video 'How to switch current account' to see just how simple the process is.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
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