Current accounts are the most commonly held financial products in the UK and a staggering six in 10 people have never changed their current account provider.

This suggests the four in 10 of individuals who have previously switched provider are also more likely to do so in the future, and it is this group UK banks should target in their efforts to win new customers.

Interestingly, the jury is still out on whether those current account clients who have never changed provider have done so because they are content with the service they receive or whether they simply lack the drive to find a better deal.

However 42% of people voted their current account provider to be their most trusted financial provider, a statistic implying there is an element of contentment (perhaps excluding NatWest this week, after their recent ‘system’ issues).

High average ratings for customer service and trust indicate these customers may be content, although a decreasing likelihood to switch provider over time also shows rising inertia.

These figures have been sourced from a study carried out by CoreData Research UK on behalf of Moneywise.

A look at the 40% of people who have previously switched providers reveals that poor service is typically the main reason for the change, with compelling offers from other providers the second most common motivation.

Meanwhile, those individuals who are actively looking to switch say a compelling offer from a competitor would drive them to make a change. Poor service from their current provider would also make them switch.

The lower propensity to switch is generally accompanied by high levels of trust, therefore, the banks which scored well in this regard are less likely to see their customers walk out to one of their rivals.

Banks that foster greater levels of trust among their clients and also those providing stellar customer services were awarded at an event organised by Moneywise on the back of the study.

The Moneywise Customer Service Awards 2012, held in London in June, presented the UK’s most trusted financial companies, as voted by the public.  These companies earned their customers’ trust through consistently delivering good service and by offering competitive products.