Nearly 7 out of 10 UK consumers – equivalent to some 30 million adults - either already manage all their day-to-day banking, including their mortgage, with one institution or would be willing to do so if they could benefit from an offset banking offer, according to new ICM Research for Internet bank Intelligent Finance.
The research, conducted among a sample of just over 1000 UK adults, reveals consumers' inclination towards a 'monogamous' banking relationship, says IF, and scotches the myth that consumers are wary of holding all their accounts with the one bank.
Just over half of consumers surveyed already use just one bank for all their day-to-day banking arrangements. The numbers willing to do so rises to 68% when they are presented with the option of a bank that would take account of the money they have on deposit before charging interest on the money they owe.
IF says that each of its customers has an average of 2.2 products with the bank, compared to an industry average of just 1.3 products per customer.
In consolidating their accounts with one institution, consumers appear to be driven as much by convenience as value for money. Nearly six out of ten people questioned by ICM felt having all their accounts with one bank would make it easier to manage their day-to-day finances. Meanwhile half said that holding their accounts with the same institution would give them a better overview of their finances; half that it would be an advantage to be able to switch resources more quickly between their accounts; and half that simply having fewer PIN numbers to remember would be a distinct advantage.