Third of people 'never review' current accounts

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 have never reviewed their current account.

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 that frequently and 56 per cent review their TV, phone and broadband package at least once a year.

There are, however, 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.

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.”

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