The ongoing financial turmoil has seen a rise of 65% in people switching their current accounts from other banks to the Co-operative, the bank has announced.

The announcement comes amidst figures that show the number of wealthy investors putting money into copper-bottomed National Savings & Investments accounts has doubled during the past six months.

Investors with more than £50,000 of liquid assets are increasingly opting for the Government-backed savings group as they look for save havens for their money, according to Axa Winterthur Wealth Management.

The Co-operative said the growth in their figures began in September, around the same time as investment bank Lehman Brothers collapsed and people began to worry about the financial strength of UK banks and the safety of their money.

John Barker, head of current accounts at the Co-operative Bank, said: "It was often said that people were more likely to get divorced then change bank accounts, but it appears this consumer apathy is a thing of the past thanks to the financial crisis."

The group said it had seen a particularly big increase in people switching to it from Alliance & Leicester, with figures up 163% during the four months to the end of November, compared with the first four months of the year.

Around 48% of investors said they would now consider holding their money with Government-backed NS&I, up from 22% six months ago.

Due to the current economic climate, one in 10 people even claimed they would keep their savings at home rather than risk investing it with a financial institution.

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