Consumers 'dread changing accounts'

SantanderOne in eight people would find doing a bungee jump or parachuting out of a plane less daunting than switching their current account provider, research has found.

The findings from Santander come ahead of a new customer guarantee being introduced from next month which will cut the length of time it takes to switch current accounts and mean that outgoing and incoming payments are automatically moved over.

Santander, which is among the providers which have signed up to the agreement, found that 12% of consumers currently feel that bungee jumping and hurtling through the sky on a parachute is less intimidating than trying to change current accounts.

One fifth (20%) of 2,000 people surveyed this month across the UK said that a trip to the dentist would pose less of a fright and one in four (24%) found the prospect of seeing a doctor or undergoing a blood test less nerve-wracking than swapping bank accounts.