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UK adults more loyal to banks than their partners, study finds

Abigail Fenton
·2-min read
Brits need to be more vigilant. Photo: Ian West/PA Wire/PA
Complacent Brits need to be on the lookout for better deals with other banks, expert warns. Photo: Ian West/PA Wire/PA

Brits are more loyal to their bank than their partners, staying with them for about two years longer, research suggests.

UK adults typically stay with their bank for about fourteen years and four months — two years longer than they stay with their partner, with the average long-term relationship in the UK lasting 12 years, research by fintech firm Raisin UK found.

The worst offenders are those aged 45 and over, spending nearly 19 years with their bank compared to 14 years with a partner.

Meanwhile, savers aged 23 to 35 spend just nine years with their banks, compared to six years with a partner.

The research follows Barclays becoming the last high-street provider to cut rates on their easy access savings accounts — meaning the big banks aren't paying more than £1 on £10,000 worth of savings.

READ MORE: Bank of England governor Andrew Bailey hints at negative interest rates

A record £56.6bn ($73bn) was saved in total between March and May, as households were unable to spend during the lockdown, according to the Bank of England

Meanwhile, there has been a £43.3bn rise in the amount of money held in interest-paying easy-access accounts between January and May.

This demonstrates that Brits need to be more vigilant and grab good deals and offers wherever they can, Raisin UK co-founder Kevin Mountford warned.

Mountford explained: “The last six months have been really tough for savers, with multiple interest rates cuts and now some of the big banks providing less than 0.01%, and with inflation currently at 0.8%, these accounts are actually losing people money on their hard-earned savings.

“Thanks to reduced spending during the lockdown period, the savings ratio in the UK is increasing to a record high, meaning people are clearly keen to save.

“However, in the UK we have high levels of apathy and inertia, and we need more savers to move from the big banks to better offers from others — up to £85,000 of their money is just as safe under the Financial Services Compensation Scheme".

READ MORE: Citigroup's Fraser to be first woman CEO of Wall Street bank

The study also found that where you live affects this trend, with Southampton residents staying with their bank about 24% longer than they stay with their partner, while those in Plymouth seem to be more loyal to relationships, spending 2% longer with their partner than with their bank.

Additionally, women are more money-savvy when it comes to unhealthy relationships with their banks. Female account holders tend to stick around for about 13 years, while men remain loyal for 14 years, the data shows.