Personal Finance Neglected? A Third Of Britons Never Review Their Current Account

 

  • New research reveals the frequency with which Britons review essential financial products
  • Home insurance policies are the most frequently reviewed product, mortgages are the least
  • Santander urges consumers to review their finances regularly

 

New research from Santander 123 reveals the frequency with which British people review their most essential financial products and has found that a third of current account holders surveyed (33 per cent) say they’ve never reviewed their current account.

 

As expected, home insurance is the most frequently reviewed product with 73 per cent of people evaluating their policy for competitiveness at least once a year. Around 58 per cent of people say they review their utilities every year or more, 57 per cent check the rate of their ISA this frequently and 56 per cent review their TV, phone and broadband package at least once a year.

 

But there are still millions who never carry out a financial review.  A significant number have never reviewed their credit card (26 per cent), ISA (21 per cent) or other savings accounts (21 per cent) or mortgage (23 per cent) either.

 

Changing to a different current account, credit card, ISA or home mortgage can bring significant rewards and Santander urges people to review their finances on a regular basis to ensure their money is working as hard as possible.

 

Hetal Parmar, head of banking at Santander, said: “Our research shows some encouraging signs that people do review their finances.  But for some products, such as current accounts, regular reviews and switching between providers continues to remain sluggish compared with other products like home insurance or utilities.

“People staying with the same provider year after year without checking for better deals may well be missing out.  It’s important that people check the value they receive from their current account, and other financial products, on a regular basis.  Customers with Santander’s 123 Current Account have the opportunity to benefit from real, long-term value with both the cashback and interest paid on the account.  At Santander we also offer a simple and easy switching service, making the move to us as effortless as possible.”

 

Reviewers and non-reviewers

Type of financial product

% of those who review this product once a year or more

% who never review this product

Home Insurance

73%

9%

Utilities (electricity, gas, water)

58%

13%

ISA

57%

21%

TV, phone & broadband package

56%

13%

Other savings account

52%

21%

Credit cards

46%

26%

Current account

34%

33%

Mortgage

31%

23%

 

Men vs women

Type of financial product

% of MEN who review this product once a year or more

% of WOMEN who review this product once a year or more

Home Insurance

73%

73%

Utilities (electricity, gas, water)

60%

55%

ISA

61%

52%

TV, phone & broadband package

60%

53%

Other savings account

57%

47%

Credit cards

51%

42%

Current account

39%

29%

Mortgage

37%

26%

 

123 Current Account pays cashback on household direct debits

  • 1% cashback on water, council tax and Santander mortgage direct debits
  • 2% cashback on electricity and gas
  • 3% on mobile, home phone, broadband and paid-for TV packages

 

123 Current Account also pays in-credit interest

  • 1% AER on the entire balance, once the customer’s balance is £1,000 or over
  • 2% AER on the entire balance, once the customer’s balance is £2,000 or over
  • 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)


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