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Digital bank usage
Half of digital-only bank accounts have £1,000 or less in them
There is a growing number of Brits who are ditching high-street branches in favour of apps for their banking. Despite this, many of those that have opened digital-only bank accounts appear to not currently be using them as their primary accounts, according to new research we have carried out.
Almost half (47%) of Brits are keeping £1,000 or less in their digital-only bank accounts with 3 in 10 (30%) holding less than £100 in their accounts. Across all accounts, the average amount held is £3,214.
However, this trend may be changing, with 63% of Brits saying they plan to use digital banks as their primary bank account in the future and 12% saying they’ve left behind traditions and taken their banking fully online. Nevertheless, 38% of Brits say they will continue to use their traditional bank as their primary account, using their digital-only bank accounts for things like tracking spending and travel money, but not having things like their wages paid in to them or direct debits taken out.
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