Fewer people sticking with just one bank or building society
Two-fifths of people now have finances in multiple places.
The days of most people having all their financial affairs tied up with the bank or building society that provides their current account is definitely over, according to new research by TSB. Almost two-fifths of us (38%) now have products with multiple companies.
Older generations leading the way
TSB’s study found that on average Brits have three financial accounts, including credit cards and mortgages, with different providers.
And it’s those aged 45 to 54 who are the most likely to deal with multiple firms, with 29% holding products with a variety of companies. We know from our own research that more people now have multiple current accounts as they pay higher rates of interest than high street savings accounts right now.
In contrast, younger people are much more likely to stick to a single firm. Almost 60% of 18-24 year olds said they felt it was easier to manage their finances with just one financial provider.
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All of your accounts in one place
If you have your bank account, savings and credit card with a handful of different firms, it can be difficult to keep on top of your exact financial position.
But with lovemoney.com’s Track service, you can see all of your accounts in a single place. You can categorise your spending, so you can see where your money is going and where you can make some easy savings. It’s a great way to ensure you keep to your monthly budgets.
Sign up for your free, secure Track account
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