UK Current Accounts Market Report 2023
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Stay ahead of the curve and secure future growth for your business with Mintel’s UK Current Accounts Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest industry trends and consumer behaviours affecting your industry.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Mintel has used its consumer research to calculate the number of current accounts held in the UK, and the estimated number of UK current accounts has grown to its highest level since 2020. The increase in numbers is being driven by a rise in multiple account ownership, 40% of people now have multiple current accounts. This reflects the rising use of digital banks as additional accounts. The ease of all-digital sign-up makes it simple for consumers to try brands such as Monzo and Chase, without committing to paying in their monthly salary or using CASS.
Switching activity has been high in 2023 and that looks set to continue into 2024, with almost a fifth of people saying they plan to switch their main account in the next year. The cost-of-living crisis will make people shop around more for better deals, with over a third already saying they have used price comparison websites to assess current accounts in the last year.
Many consumers are turning to overdrafts to navigate the rising cost of living. Over a quarter of consumers say that they have used their overdraft more in the last 12 months as a direct result of the cost-of-living crisis. This is particularly the case for younger consumers, with lower average levels of savings. Some banks, such as HSBC and First Direct have offered limited time £500 interest free buffers. Helping people through the cost-of-living crisis in this way could help drive loyalty.
To discover how your brand can harness the latest consumer and industry trends to take your brand to the next level, purchase our full report. Packed with expert analysis and recommendations for growth opportunities in the UK banking industry.
This report, written by Adrian Reynolds, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK current accounts market and add expert context to the numbers.
Although overall current account satisfaction is high, consumers are shopping around and will be enticed to switch by cash joining bonuses and higher savings rates.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.