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39% admit to never switching bank provider

Martin Greenland | 14:54 Friday 27th April 2018

Some 39% of the UK public have never switched banks in their lifetime, a new survey study has revealed.

A survey of banking customers by polling company D-CYFOR also found that 28% of millennials are likely to switch provider in the next year, while 69% of the demographic considers online reviews before switching banking providers.

Millennials are also 20% more likely to consider online reviews before switching banking providers than other age groups.

Overall, more than half of bank switchers (51%) said they were looking for a bank “with a better deal when it comes to interest rates, bank charges and fees”.

Meanwhile, 16% wanted a bank with a local branch that was near to them.

D-CYFOR surveyed consumers' banking habits and asked them about the main way in which they bank, such as paying bills, setting up a direct debit, transferring money, checking their balance and accessing customer services.

Almost two-thirds of consumers (64%) said they used online banking the most to do all those things.

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