New research from one High Street banking provider says that the average Brit keeps their personal or business bank account for more than two decades before switching, industry experts recently reported.

A new Halifax research study found that 10 per cent of British account holders are using the same account that they opened when they were little, while one out of three full-grown Brits opened their primary current account between 16 to 24 years of age.  Family was the primary reason behind the decision, with 17 per cent of survey respondents reporting that they made the decision to take out an account because their parents were account holders with the same banking institution, and nearly one out of every four account holders made their banking provider decision based on geographical proximity by choosing the closest branch to their house when they took up the account initially, Halifax reported.

However, thanks to the advent of banking over the internet, the reliance on location seems to have lessened.  Only 16 per cent of those surveyed said that proximity would be one of the factors in choosing a new provider.

Despite this figure, three out of every ten banking customers said they had no desire to switch to a new bank, according to the research. However, out of those that do switch, the hope of finding a financial product with a better rate of interest was the biggest priority, followed by hopes of finding better service and accessibility.

Sentimentality needs to be put aside by the nation’s account holders, according to Halifax current account director, Anthony Warrington, and instead focus on finding a sustainable financial product instead.