Referreport
In Germany, customers rarely change their checking account. Around three in ten Germans do not do so purely for the sake of convenience, according to a representative survey commissioned by the comparison portal Check24. A total of 29 percent of respondents stated that convenience is preventing them from changing their checking account. For 17 percent, changing checking accounts is too complicated and twelve percent of Germans are not persuaded to change accounts even by lower account management fees at another bank.
Unnecessary costs for current accounts
The main reason why people do not change their account is satisfaction with their current current account (51 percent). Among those surveyed who do not want to change because of convenience, 76 percent pay monthly fees for their current account. Over half of those even pay more than five euros in account management fees per month. Only 13 percent of those who are reluctant to change pay no fees at all for their current account.
“A fee of just five euros per month adds up to 60 euros in avoidable costs per year,” said Tim Koniarski, Managing Director of Cards and Accounts at Check 24. “With free checking accounts, you save these monthly expenses. Consumers should not accept fees from their main bank. It is worth regularly comparing the terms and conditions of different banks and switching.”
Loyalty to the current account
The majority of those who are reluctant to switch because they are too lazy have had their current checking account for more than ten years – 55 percent in total. 13 percent have never had another account. Many Germans are loyal to their checking account and bank and often pay unnecessary fees for years, says Check 24. 30 percent of those surveyed who are too lazy to switch have had their current checking account for more than one year and less than ten years.
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Source: German