2 in 5 Brits have never switched their main bank account
Almost all of us have at least one bank account, and many of us now have quite a few, but how often do Brits switch their bank accounts, and which generation is the most loyal? According to a new report from the personal finance comparison site, finder.com, 2 in 5 Brits say they have never changed their main bank account (39%). A further 12% of the population say they only switch every 20+ years.
At the other end of the spectrum, 1 in 40 (2.5%) Brits change their main bank account at least once per year and 8% switch every 1-2 years. In total, almost 4 in 10 (38%) Brits swap their bank accounts at least once every 10 years.
Despite having the most time to make the change, the silent generation (those born before 1945) were the most likely to have never switched their main bank account, with 57% having stayed loyal to the same bank. In comparison, 36% of baby boomers, and 37% of both gen X and millennials have never switched bank accounts.
26% of Brits changed their main bank account within 2 years of turning 18, and a majority (52%) had changed at least once by the time they turned 23. Women are more likely to stick with the same bank account – 43% have never switched their main bank account, compared to only 34% of men. When it comes to switching regularity, 1 in 3 men (32%) change their main bank account at least once every five years, but this is true of only 1 in 5 women (21%).
With the popularity of student bank accounts offering perks, it’s no surprise that many Brits switch accounts once they reach university. 2 out of 5 UK students (41%) switched from their childhood bank to a different bank during their studies, and loyalty looks like it’s on the way out amongst generation Z. 55% of gen Z students (those aged 18-24) moved from their childhood bank while at university, compared to only 37% of millennials and 46% of gen X.
Commenting on the findings, Jon Ostler, CEO at finder.com said: “Switching your bank has become easier over the years and should now be a simple, automated process. It’s always important to compare your options to ensure you’re getting the best deal. By sticking with the same bank, you may be missing out on better rates or incentives available elsewhere.”