Millennials failing to reap the rewards of rebellion
THE younger generation is not as rebellious as it used to be, at least when it comes to choosing their bank.
Two out of five children still use the same bank their parents chose for them when they were young, rather than asserting their independence and moving on, according to research from TSB.
This may be misplaced loyalty given that so many are unhappy with the quality of service they are getting in return, with four out of five high-street bank customers saying theirs does as little as possible for them.
Many hoped the current account switch service, launched in September 2013, would hand power to the people and trigger a widespread uprising against the banks.
It allows you to switch all your banking in seven working days, with direct debits and standing orders transferring as well.
Last year, almost a million people switched accounts, but that is still less than 2 per cent of all current account holders.
Craig Bundell, director of personal current accounts at TSB, said if you are unhappy it is time to rise up against your bank: “You need an account that suits your needs today, rather than what you needed years ago.”
Many banks now tempt customers with eye-catching interest rates on current account balances, for example, Nationwide, TSB and Tesco Bank pay 3 per cent, Bank of Scotland and Lloyds pay 2 per cent and Santander pays 1.5 per cent.
Sometimes, rebellion can be rewarding.