39% of Brits still use the same bank their parents

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39% of Brits still use the same bank their parents chose for them

Jordan Williams | 11:00 Friday 30th March 2018 | 9

Nearly two out of five people (39%) still use the same bank that their parents chose for them, a new study has found.

Research by challenger bank TSB has revealed that four out of five 'big five' bank customers believed that their provider does “as little as possible” for them.

However figures also showed that around only 2% of UK consumers used the current account switch service in 2017.

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Craig Bundell, director of personal current accounts at TSB, said: “There's no 'one-size-fits-all' solution when it comes to finding the best bank account, but making sure that you're making the most of your bank account is vital – particularly at big moments in your lifetime.

“However, it's very easy to fall into the trap of sticking with the one bank account that you've had for a number of years.

“People need a bank account that suits their needs as an adult and not what suited their parents' needs when they were a child.

“Sadly, we know too few people are switching their current account and are missing out on some great benefits.”

39% of Brits still use the same bank their parents chose for them

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