Researchers at Which? have put together a list of the most common reasons people do not switch their deposit accounts.
The researchers interviewed some 13,000 savers and asked them about their motivation for moving their money into different accounts. The most common reason that people gave to explain why they don’t switch accounts was that they didn’t think it would actually save them much money.
Some 40 per cent of respondents said that they did not believe any of the accounts offered on the high street would offer a much better deal than the one they already have.
Another common excuse given for not switching was that people were still ‘looking into it.’ Many said they had simply not yet got round to researching the best rates. However, switching is actually a much easier process than people might expect.
Some 22 per cent of those questioned said they had already opened a second savings account. Which? says that having several savings accounts is a sure-fire way to loose track of the returns on savings and focusing on one, higher-yielding account is the best way to go to get the best from your deposit account, particularly for high-net-worth individuals.