For immediate release
2 in 5 Brits have never switched their main bank account
- 57% of the silent generation have stayed loyal to their first and only bank
- Generation Z is the least likely to stay with their childhood bank account as a student
- Women are more likely to have kept the same bank account (43% v 34%)
24 September 2020, LONDON –
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 generation 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 with 43% having 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 5 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 generation Z students (those aged 18-24) moved from their childhood bank while at university, compared to only 37% of millennials and 46% of generation X.
Finder has published an industry report on student banking trends. Generation App: Student Banking, includes expert commentary from industry leaders and can be viewed and linked to here.
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.”
Finder commissioned Onepoll on 14 September to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).