Over two in five (41%) mortgage holders who switched banks said they did so to access a better mortgage rate, the Current Account Switch Service (CASS) has revealed.

The service’s latest survey of 2,000 UK adults who have moved home, either renting or buying, in the last two years, found that 30% switched to receive an incentive related to their mortgage, while 28% changed their banking provider to access higher interest rates on their deposit.

Others also switched to secure better budgeting tools or money management (29%), and to simplify their finances by consolidating accounts (29%).

Despite these benefits, the CASS found a majority (58%) of home movers didn’t review or consider switching banks as part of the process.

The CASS stated that while 53% of consumers spend five hours on average researching different parts of their move, only a small number found time to assess their banking options, with just 22% looking into current accounts or banking options.

This compares to 50% who researched local property prices, alongside 48% for energy prices and broadband providers, respectively.

As a result, the banking service has advised consumers to seek financial advice from existing and potential lenders before switching bank accounts.

Jonh Dentry, product manager at Pay.UK, owner and operator of the CASS, stated: "Moving home is one of life’s more stressful milestones, and at a time when every pound counts, consumers need to be unlocking all the help they can get. With rates well above the low figures of a few years ago, taking time to compare current account options alongside mortgage arrangements can make a real difference, as could extra interest on your deposit, improved financial planning tools and tailored mortgage advice.

"As the backbone of your finances, you should take your choice of banking provider seriously and ensure your current account is meeting your needs and goals. If you decide to switch, it won’t add any burden or cost. You simply pick a new bank or building society, request a switch, and we’ll do the rest within seven working days."

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