Money News

Some Brits keep same bank account for life

Thursday 19 January, 2012

By Martin Fagan

A quarter of Brits have held their current account for 26 years and 10% still have the account they opened as a child.

The average person in the UK has had their main bank account for more than 20 years, according to new research from Halifax.

Halifax says its findings demonstrate the average person's reluctance to move bank account.

The research discovered that over a quarter of people have held their current main account for more than 26 years, a third of adults opened their main current account between the ages of 16 and 24 and one in ten of adults still use the account they opened between the ages of one and 15-years-old.

For many, the location of a branch was a determining factor in opening an account. Nearly a quarter said they chose their provider because it was the closest bank branch to their house when they opened the account.

The vast majority of adults admitted to staying with their original bank, even though it may no longer be relevant to their circumstances.

Halifax asked customers in what circumstances they would consider leaving their existing bank. Just 22% of customers said they would change providers if they were having service problems with their existing bank, and only 20% would move somewhere else in order to get better service.

Although 30% said they would consider moving to take advantage of a switching incentive, just 11% hold their account today as a result of an offer.

“We understand why some people are reluctant to change current accounts, but moving to the right account really could make them better off,” said Anthony Warrington, director of Halifax current accounts.

“If someone's with the bank that they chose at 11-years-old or simply because it was the closest branch to where they lived at the time, the likelihood is that there is an account that is more suitable for them now. It's an important decision, and switching to another bank doesn't have to be hard work.”