Nearly one in five current account holders admit they fail to check their bank statement each month, research showed today.
A further 23 per cent of people sometimes look at their statement to make sure it is accurate, but fail to do so every month, according to the Royal Bank of Scotland.
Two-thirds of people said they were completely reliant on their current account for day-to-day money management, but despite this only 20 per cent of people knew what their balance was at any time to within £50.
Around 21 per cent of people admitted they failed to check their account balance at least once a week, although 16 per cent of those questioned said they kept track of their finances on a daily basis.
Six out of ten people said they used the internet to help them keep track of their money, logging on at least once a week.
Those who did bank online were more likely to be on top of their finances, with more than half knowing what their current bank balance was to within £20.
Just over half of those questioned said they went into their bank branch only once a month or less, with just 17 per cent making a weekly visit.
But despite this having access to a branch was still considered to be important, with 73 per cent of people saying being able to phone their branch directly was the most important feature of their account.
Two-thirds said they had opened a current account by the time they were 18, and 61 per cent had remained loyal to their first bank, never changing current account provider.
But despite this, only 54 per cent of people said they were satisfied with the features of their account, and just 52 per cent were happy with the service they received. n Students are putting themselves needlessly at risk of financial fraud, according to a new survey by Moneyfacts in conjunction with the University of East Anglia.
More than 70 per cent don't destroy used card receipts and old bank statements, almost half allow other people to use their card/PIN number, and almost a third use the same PIN number for all their bank cards.