You are here: Home - Saving & Banking - News -

Brits displaying banking loyalty

Written by:

One in five Brits have consolidated their financial products with one provider, according to research from Abbey Banking.

The average Briton has relationships with three separate financial providers at any one time and is required to remember on average at least three different passwords and PIN numbers, according to the study.

But it seems that a growing number of us want to keep our finances simple. In addition to those that have already consolidated their products with one provider, a further 18% of Brits, 8.3 million people, would consider doing so. They said that they would rather have all their products with one provider to make managing their finances less complicated.

Around six million people now use only one PIN number or password for all their accounts and more women than men have all their products with one provider – 21% of women, compared with 17% of men.

Steve Shore, Abbey director of banking, said: “As banking technology evolves and people have to remember more passwords and PINs, many of us now prefer to keep things simple and use one provider that they can trust to provide good value across the board.

“It’s worth noting though, that those with one password for all their accounts should take care to ensure that this is as secure as possible, using a combination of letters and numbers wherever feasible. PIN numbers should be shielded and of course should never be written down.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Savers dip into ISAs as credit crunch bites

UK savers have dipped into their ISA savings to the tune of £6bn over the past 12 months, according to...