News Article

10% of adults 'still have childhood bank account'

Published 26 January 2012 by

Research from Halifax has revealed that the average person in the UK has had their main bank account for more than 20 years, showing the reluctance of many people to switch bank accounts, Moneyfacts.co.uk reports.

The research found that 10% of adults still use the main bank account that they opened between the ages of one and fifteen years old today. Furthermore, more than a quarter of people have had their main current account for more than 26 years.

Many people questioned admitted to choosing their bank account provider for reasons that may no longer apply to their circumstances. For example, following their parents' choice of bank was one influential factor for many people.

11% of those surveyed chose their bank account according to their needs when they were a student, while almost 25% said that the location of a bank branch - i.e. how close it is to their home - was an important factor in opening an account.

However, when it comes to switching bank accounts, 20% of people said they'd move their account to another provider if they got better service, and 37% said they would switch for a better level of interest on their account.

Anthony Warrington, director of Halifax current accounts, commented: "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."

A spokesperson for thinkmoney said: "Finding the right bank account for all your current needs is important - and it doesn't have to be hard work. If you want some information about our account, you could take a look here and see how our two-account approach works."  

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