Despite their very best efforts with ever more enticing inducements – banks in the United Kingdom just don’t quite seem to be able to steal each other’s customers. Both fortunately and unfortunately for U.K. bankers, consumers are increasingly satisfied with their current bank of choice – or at least more inertial than they’ve ever been – and thus are switching banks less frequently.
In the last year, a little over 1 million people switched over their accounts – a drop of 4.7 percent over the previous year.
“With 65 million current account holders in the U.K., movement is minimal,” said Hannah Maundrell, editor of money.co.uk.”Even with big cash incentives on the table, people just aren’t switching.”
And the incentives, according to reports, are fairly valuable, with banks offering rewards and incentives that can range in value from £125 – £220 (~$184 – ~$289). The Competition and Markets Authority (CMA) noted that on average, consumers in the U.K. would save about £116 a year by switching banks.