Guaranteed bank account customers 'should compare options'

Over 90 per cent of current account holders, including those using guaranteed bank accounts, do not switch providers, despite better options being available.

According to a new study by Datamonitor for Santander, only seven per cent of all current account customers changed their provider in the last 12 months, which is significantly lower than the rates of people switching products such as car insurance and mobile phone contracts.

The Switching in the UK report estimates that British consumers could be missing out on £2.2 billion in interest as a result.

Rod Logan of Datamonitor said: "Consumers are much more likely to switch products like car and home insurance than current accounts, suggesting current account holders are unaware of the great deals available and so hold accounts with basic functionality and no extra benefits."

The new report backs up a study by Sainsbury's Finance, which revealed that most people looking for loans, including bad credit loans, do not shop around for the best rate.