The research also found that only 31% of people review their mortgage on a yearly basis, 37% men and 26% women.
The most frequently reviewed product was home insurance with 73% of people evaluating their policy for competitiveness at least once a year.
Around 58% of people say they review their utilities every year or more, 57% check the rate of their ISA and 56% review their TV, phone and broadband package at least once a year.
Hetal Parmar, head of banking at Santander, said: “People staying with the same provider year after year without checking for better deals may well be missing out. It’s important that people check the value they receive from their current account, and other financial products, on a regular basis.”
