Banking trends changing

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Lifetime loyalty to one bank no longer appears to be as popular, according to Alliance & Leicester (A&L).

Research highlighted by the bank has shown that many people are planning to switch their current bank account in the next 12 months, reversing a trend of people being reluctant to change banking providers.

Floyd Jebson, spokesperson for A&L, said this change in trend could be due to a growing awareness of what different banks have on offer, a difference in the way people are viewing their current accounts and more media coverage of personal finance issues.

"As the market has become more competitive [than it has ever been], more has been written about current accounts," Mr Jebson said.

"The awareness has increased that a bank doesnt have to be for life, that good deals are out there, its worth shopping around, and that switching can be simple and straightforward," he added.

For those dissatisfied with their bank, using internet personal finance sites can be one way of finding the most suitable and beneficial current account.


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