{"id":339259,"date":"2020-09-28T16:09:57","date_gmt":"2020-09-28T15:09:57","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=339259"},"modified":"2025-02-27T23:13:49","modified_gmt":"2025-02-27T23:13:49","slug":"press-release-2-in-5-brits-have-never-switched-their-main-bank-account","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/media\/press-release-2-in-5-brits-have-never-switched-their-main-bank-account","title":{"rendered":"2 in 5 Brits have never switched their main bank account"},"content":{"rendered":"<ul><li>57% of the silent generation have stayed loyal to their first and only bank<\/li><li>Generation Z is the least likely to stay with their childhood bank account as a student<\/li><li>Women are more likely to have kept the same bank account (43% v 34%)<\/li><\/ul><p><strong>24 September 2020, LONDON \u2013 <\/strong><\/p><p>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?<\/p><p>According to a <a href=\"https:\/\/www.finder.com\/uk\/current-accounts\/student-bank-accounts#student-report\">new report<\/a> 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.<\/p><p>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.<\/p><p>In total, almost 4 in 10 (38%) Brits swap their bank accounts at least once every 10 years.<\/p><p>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.<\/p><p>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.<\/p><p>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.<\/p><p>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%).<\/p><p><strong>Student banking<\/strong><\/p><p>With the popularity of student bank accounts offering perks, it&#8217;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&#8217;s on the way out amongst generation Z.<\/p><p>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.<\/p><p>Finder has published an industry report on student banking trends. <strong>Generation App: Student Banking<\/strong>, includes expert commentary from industry leaders and can be viewed and linked to <a href=\"https:\/\/www.finder.com\/uk\/current-accounts\/student-bank-accounts#student-report\">here<\/a>.<\/p><p><strong>Commenting on the findings, Jon Ostler, CEO at finder.com said:<\/strong><br \/><em>&#8220;Switching your bank has become easier over the years and should now be a simple, automated process. It&#8217;s always important to compare your options to ensure you&#8217;re getting the best deal. By sticking with the same bank, you may be missing out on better rates or incentives available elsewhere.&#8221;<\/em><\/p><p><strong>Methodology:<\/strong><br \/>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.<br \/>###<\/p>","protected":false},"excerpt":{"rendered":"<p>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? <\/p>\n","protected":false},"author":385,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3788],"tags":[],"asset_tag":[],"class_list":["post-339259","post","type-post","status-publish","format-standard","hentry","category-media"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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