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One in ten adults 'still using their childhood bank account'

By Joel Stanier

18 January2021

Child counting money One in ten adults still use the bank account they opened between the ages of one and 15 as their main account today, research by Halifax has found.

Meanwhile, a third of adults opened their main current account between the ages of 16 and 24, and 26% have held their current account for more than 26 years - suggesting that many people are reluctant to change.

Many people questioned admitted that their reasons for choosing their bank account were no longer relevant to their circumstances. 17% simply chose an account where their parents had accounts, while 11% chose an account that offered them a good deal when they were students. 23% chose an account with the closest branch to their house.

Halifax asked its own customers what would encourage them to switch. 30% said nothing could get them to move, but 37% said a better interest rate could tempt them. 22% said they'd switch if they were having problems with their bank, and 17% would move for better deals on other products, such as mortgages and savings.

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

A bank account expert at Think Money said: "Many of us are well used to switching energy providers, broadband providers and mobile phone networks - so it's difficult to see why so few of us switch bank accounts. It may be because of an assumption that switching bank accounts will be complicated, but in reality many banks now make the process very simple.

"As well as interest rates, there are various factors to consider when choosing a bank account - particularly the features on offer. For example, a bank account with a budgeting service automatically sets aside money for bills, greatly reducing the chance of overspending."

Image iStockPhotos / Joanne Green

Tags: bank, banking, bank account, Halifax, mortgages, budgeting

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