Millions of people are missing out on better deals due to a failure to switch providers, new research from Santander Current Accounts(1) reveals.

While one in four Britons have switched an insurance provider in the last 12 months, and one in five (21 per cent) have switched a gas, electricity or water supplier, tens of millions of Britons are missing out on a better deal and improving their finances by not switching their current account.

Seven in ten (70 per cent) of Britons, or more than 34 million(2) people, have not switched their main current account since 2000, and worryingly, three quarters (74 per cent) say they have no plans to review their current accounts in the near future. Switching current accounts could provide them with £125 in interest in the first year, plus a free overdraft.

Helen Bierton, Head of Current Accounts at Santander commented: "In this day and age it is important to look around for the best deal, to make your money stretch as far as it can.

"One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account. Whereas many people see how much they can save by switching their insurance for example, people don't see the benefits of switching current account. However, by switching current accounts you can start earning a great rate of interest which can earn you up to up to £125 in the first year(3)".

Table showing credit interest across a range of current accounts (attached):

The Santander research also found:

* Twice as many people in Northern Ireland have switched an insurance provider compared to Londoners (35 per cent vs 16 per cent) in the last 12 months

* 12 per cent of people in the South East and 11 per cent have in London have switched savings accounts providers compared with and only one in 20 (5 per cent) in Scotland, Northern Ireland and the North East

* 17 per cent of people in the North West have switched Broadband provider compared with 8 per cent in Scotland and the East Midlands.