And yet new research on behalf of HSBC reveals most people in the UK rarely think about switching bank accounts (67%), even though many never use the benefits offered by their existing provider.
Over half of Brits (54%) have had the same current account for over a decade, with more than 2 in 5 sticking with the same one for over 15 years (41%).
This is despite the majority (64%) of people in the UK saying they don’t receive any benefits on their existing current account.
For those that do, the most common benefits are ongoing rewards, such as discounts (31%), cashback on expenditure or bills (31%), and interest on their current account balance (28%). Yet fewer than 1 in 5 (19%) people say they use their benefits regularly. More than a quarter (the largest group at 27%) of Brits say they never use them at all.
Not all bank accounts are the same – many offer a variety of benefits, and it can be worthwhile to shop around. Choosing the right one depends on your circumstances and the features you want.
If you’re not satisfied with your current bank, here are some of the benefits of switching:
Some banks will give you a one-off cash bonus for switching. You might also be offered access to discounts and offers.
Other current account switch incentives may include:
While incentives such as these are attractive, it’s important the account you're switching to meets your personal financial needs over the long term, so you don’t end up losing out.
Some current accounts give you access to regular savings accounts that offer attractive rates of interest. Double check the finer details – there’s usually a limit on the minimum and maximum amounts you can put away in savings each month. This may impact whether or not an account suits you. There may also be limits on how you access the money. So look into the terms and conditions to make sure they suit you.
Explore: How to save money
If you use your overdraft facility often, you may be able to get a better deal by switching. Look at the rate of interest charged on an arranged overdraft, and if there's an amount you can borrow interest-free.
Paying less interest each month if you go overdrawn could help you clear your debts sooner and get back in control.
Explore: How to get out of your overdraft
This guarantee means your new bank must arrange to transfer your:
All you need to do is agree to the 'Current Account Switch Agreement' and the 'Current Account Closure Instruction'.
In the unlikely event that anything goes wrong with the switch, your new bank will refund you if you’re left out of pocket.
None of your regular payments will be affected because of a switch. And, if required, any payments sent to your old account by mistake will be redirected to your new one.
Find out how to switch current accounts using the Current Account Switch Guarantee.
Simply switching from one bank to another using the Current Account Switch Service won't affect your credit rating.
However, when you open a new account, your new bank may run a credit score check. This could affect your credit rating.
In the unlikely event that you have any problems with payments during the switch (such as a standing order), your new bank or building society will fix them. This means your credit rating won't be affected.
All figures, unless otherwise stated, are from Sticky and Censuswide for HSBC. Total sample size was 2,009 adults. Fieldwork was undertaken between 12 to 15 December 2022. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 16+).