Despite knowing the benefits of switching, too many Brits refuse to switch bank accounts. And I’m part of the problem, writes Samuel Norman in today’s Notebook

The confessions of a banking reporter

With much of my time spent chewing over the issues in the banking sector, last week I had a stark realisation that I was a part of one of the biggest issues: across the country, we often find ourselves bound to our bank account.

Banks are not like a Spotify or Apple Music account, that you can switch on the month depending your preference. Yet there is a vast array of different providers on offer, each catering to different needs and demographics – so I ask, why do we find ourselves shackled to the same account for years on end?

It’s a question I ask every time a fresh batch of data comes across my desk demonstrating Brits’ undying loyalty to their banking provider, like last month when media group 3Gem released a report showing nearly two thirds of people feel disappointed when their bank cuts rates or perks, yet four in ten have never switched accounts. Or when data from Dragonpass came out, showing 64 per cent of UK adults have been with their bank........

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