Despite the rise in online banking and easy ways of switching current accounts two out of three people feel tied to their banks, a new study reveals.
The top reason people feel they cannot switch accounts is a belief there is no point as all banks are the same.
Being overdrawn stops one in seven Britons from switching, though this is twice as common for women than men.
For one in eight, switching bank accounts is simply too much hassle.
And for one in 16, a belief a new bank account will mean payments such as direct debits will not be transferred is the main deterrent from switching.
"It is disappointing to see that two out of three people are shackled to their banks," commented David Kuo, head of personal finance at Fool.co.uk, who conducted the research.
"It is also upsetting to discover many people are under the misapprehension that switching bank accounts is both futile and troublesome.
"Perhaps the most distressing finding is that many people believe that being overdrawn prevents them from moving banks. These customers can benefit greatly from moving to banks with better deals.
"Being overdrawn is not a crime, and it doesn't mean you have to be handcuffed to your bank.
"A quick trawl through best-buy tables will quickly highlight banks that can offer customers attractive deals - some with interest-free overdraft limits of up to £2,500 for 12 months."