News Article

4 million haven't visited a bank branch for over a year

Published 13 August 2013 by

One in twelve UK adults haven't visited their bank branch for a year or more, according to new research by thinkmoney.

With online and mobile banking continuing to grow in popularity, it appears many of us are now happy to do our banking without setting foot on the High Street.

Although 13 million people have visited their branch within the last week, some 11 million haven't done so in the last three months.

Surprisingly, the older generations are no more likely than other age groups to visit a branch, and there is little difference between men and women. Location seems to be the biggest factor - some 36% of Londoners visited their branch in the last week, compared with just 26% across the whole UK.

Most recent branch visit Number of people
Last Week 13 Million
1-2 Weeks 6.5 Million
3-4 Weeks 11 Million
1-3 Months 8 Million
4-6 Months 4 Million
7-12 Months 3 Million
1 year or longer 4 Million

"It says a lot about the direction things are taking when millions of account holders haven't set foot in a branch for 12 months or longer," said Ian Williams of thinkmoney.

"Our figures show that for the majority of people visiting a branch is still part of their banking experience. But millions of us are able to manage our finances whilst never, or rarely, visiting a branch. In fact online access is the single most important factor when choosing a current account for four out of five people."

The thinkmoney Personal Account makes it easy to manage your account wherever you are, with online and SMS account management. You can also pay money into your account at any RBS (Royal Bank of Scotland) or NatWest branch, and make cash withdrawals from any MasterCard cash machine.

The thinkmoney Personal Account makes it easy to manage your account wherever you are, with online and SMS account management. You can also pay money into your account at any RBS (Royal Bank of Scotland) or NatWest branch, and make cash withdrawals from any MasterCard cash machine.

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