• 64% of consumers would not be incentivised to switch if it took five days instead of seven, so it seems Chancellor George Osborne's expected attempt to catalyse switching could be in vain.

  • In fact, just under one in five (19%) said that reducing the switching guarantee period to five days would make them consider the move in the next 12 months.

  • Of those that haven't switched, almost one in ten (8%) feel there is no benefit as all current accounts are the same; almost 2 million don't trust banks to switch for them; and a further 4% still feel it takes too long.

  • Almost half (41%) of those that haven't switched said they would be more likely to make the move in the next year if the process was instant, or, for one in three (30%), if they could take their account number with them.

As Chancellor George Osborne toys with the idea of reducing the current account switching time from seven to five days in today's Autumn Statement, new research from price comparison website money.co.uk reveals that this is not going to encourage consumers to make the move.

In fact, almost half (41%) of those surveyed that haven't switched current accounts in the last year claim that the switching period would have to be instant to make them more inclined to move banks. A further one in three (30%) would consider it if they could take their account number with them.

Amongst those that haven't made the move in the last 12 months, almost one in ten (8%) wrongly believe that all current accounts are the same so there is no benefit to switching.

Almost two million simply don't trust the banks switching service to do it for them and a further 4% still feel it takes too long. 3% think that as they are in their overdraft, they can't switch banks - this isn't always the case. Just 2% cite the difficulty in comparing current accounts as a barrier to entry, an issue which is also being investigated by industry watch dogs.

Following the introduction of the seven day switching guarantee on the 16th September 2013, small inroads have been made in the current account market as the latest figures from the UK Payment Council show a 22% increase in the number of current account switchers in the last year.

This may sound impressive, but in reality it has only increased to just over 1.2 million switchers this year - up by just 200,000 on the year before. To put this into context, there are around 50 million current account holders in the UK so this is nothing but a small ripple.

Hannah Maundrell, Editor in Chief, money.co.uk comments:

"When it comes to current account switching, consumers want it now or not at all. The Government's planned initiative to reduce the switching period on current accounts from seven to five days is not going to make the slightest bit of difference to market movement.

"For most consumers, their current account is the lifeblood of all financial affairs ,so it's understandable that trust in the switching service has to be strong and the benefit of moving made clear.

"Overall, the Chancellor needs to listen to consumers and banks need to up their game in order resolve the current account switching problem. Much as this is a step in the right direction, it's merely paying lip service to a deep rooted problem."