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Current Accounts News Santander Current Accounts Last Longer Than Relationships 18471204

Editorial Team

Santander: Current accounts last longer than relationships

Santander: Current accounts last longer than relationships

24 August 2010 / by Rachael Stiles

Britons stay with their bank longer than their partners, according to new research by Santander.

The study found that the average length of time someone has had their current account for is 16.5 years, compared to the average relationship which lasts 14.1 years.

One in five people have had the same current account for more than 30 years, while more than half have had the same one for more than a decade.

When it comes to switching current accounts regularly in search of the best deals, only seven per cent of UK adults have moved banks three times or more in the last 10 years.

Helen Beirton, head of Santander current accounts, said that, as with personal relationships, people might be reluctant to change because the prospect can be daunting, even if they are not getting the most out of their current bank.

But, “In reality, it can actually be a very simple and rewarding task,” she said, and Santander has a dedicated switching service for customers wishing to change banks to ensure that everything runs smoothly.

The Santander current account also offers a £100 bonus for switching, and customers earn a fixed rate of 5% AER (fixed) on balances that are in-credit in the first year. It also offers an interest-free overdraft for the first four months.
 
Commenting on the figures, Ms Beirton explained: “Interestingly, those who have switched current accounts in the past 10 years say it is about rates and rewards, with reasons such as convenience and trust appearing high on the list of priorities.

“Santander continues to reward customer loyalty, offering primary customers preferential product offerings, meaning if you choose to bank with us, we will reward you with better deals on other banking products.”

© Fair Investment Company Ltd

Click here to learn more about Santander current accounts and switch »
 
Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. More Info >
£4.95 £9.95 No credit checks**. Prepaid MasterCard. Credit Building facility. More Info >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. More Info >

**See Terms and Conditions

Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. Apply Now >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
N/A 0% for first 3 months No minimum N/A 3 months interest-free overdraft and no monthly account fee More Info >
N/A 0% for first £250 No minimum Free if funding £1,000 or £10 below £1,000 Switch your current account and you’ll get a free gift worth up to £150. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee – £100 if you leave within 6 months More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. Apply Now >
1.50% AER* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 pm £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
N/a £500 Interest Free increasing to £2000 No minimum N/a Choose 1 of 3 great offers: Amazon Prime Student subscription, National Express Coachcard, or Tastecard More Info >
1% Overdraft limit of £1,000 increasing to £3,000 in year three £500 every academic term N/a The UK’s only fee-free student current account. Interest-free and fee-free overdraft More Info >
Up to 3% £1500 Interest Free increasing to £2000 £500 every academic term N/a A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain More Info >


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