The top 10 financial products people have never switched revealed

Research* carried out by GoCompare has revealed that 54% of consumers have never switched their current account.

Despite the Current Account Switch guarantee – which means your new bank will switch your payments and transfer your balance and your old bank will close your old account – more than half of survey respondents admitted they have never changed their bank accounts, with only 8% of those surveyed having swapped banks in the last 12 months, compared to 35% more than a year ago.

People are also not shopping around for better broadband deals with 37% admitting that they have never switched to a different provider and just 16% switching in the last 12 months.

Those with savings have also stayed put with over a third of respondents saying they have never switched. Of those who have, 9% did so in the last year and just under a quarter more than 12 months ago.

The Top 10 financial products people have never switched:

Car insurance was the most popular switch, with nearly a quarter of respondents (24%) saying they had changed policies in the last 12 months. But, despite it being easier than ever to compare and change car insurance providers, 13% admitted they have never changed their arrangements.

Richard Jones of GoCompare money said: “These figures certainly give a clear indication that many people are still unsure about switching providers and would prefer to stay on current deals. It’s easier than ever to switch current accounts but it seems many people are not keen to move banks or accounts.

“I would advise consumers to see what deals are available from other providers as substantial savings can be made. For example, customers comparing products and prices on GoCompare could save up to £257** on their car insurance and up to £108*** on their home insurance. 

“Savvy shopping can have a huge effect on the cost of your household bills and it’s well worth considering switching to get some of the best deals available.”

You can find out more information about comparing and switching providers at www.gocompare.com/

-Ends-

For further information please contact:

Lynsey Walden – lynsey.walden@gocompare.com  

Kath Chadwick – Kathryn.chadwick@gocompare.com

Or you can call 02920 020360.

Keep up-to-date with GoCompare on Twitter; @GoCompare

Notes to editors:

*Between August 6^th and August 9^th 2021, an online survey of 2,034 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.

^**51% of consumers could achieve a saving of up to £257.77 with GoCompare car insurance based on a comparison of 31 companies.

^***51% of consumers could achieve a saving of up to £107.99 with Gocompare.com buildings and contents insurance based on a comparison of 36 companies.

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.

GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).

More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.