Brits throwing away £256 every year by staying loyal to banks

Millions of Brits are sticking with current accounts that give them next to no perks — even when changing bankscould put hundreds in their pocket.

A new study reveals 40% of people have never switched provider, despite 58% feeling let down when incentives are cut.

It comes in the same week that Santander shuts its 123 Lite account, moving clients to Everyday, which has fewer rewards. More than half (51%) of Santander customers surveyed were unaware that this was happening.

READ MORE: Santander makes major change to 11 accounts with thousands of savers impacted

READ MORE: UK banks ranked in official best-to-worst guide, customers urged to check

The research was carried out by Zopa Bank, who claim their newly launched Biscuit account offers four times the value of Everyday with customers able to earn £256 a year through cashback and interest.

To prove the point, Zopa sent a giant box of biscuits through London, encouraging people to check the value of their account. The oversized snack box contained 10,240 biscuits valued at £256 — the exact amount the bank says customers can earn in a year.

Merve Ferrero, Zopa’s chief strategy officer, said: “We know that over a third of UK consumers stick with their bank out of habit, even when their loyalty goes unrewarded.

“At Zopa, we want to change that. With Biscuit, we’ve launched the UK’s best free current account for everyday value — combining the peace of mind of a fully regulated bank with the ease and value customers expect from a modern digital experience.

“Whether it’s cashback on bills, interest on savings, or effortless money management in one place, Biscuit makes everyday banking better.”

The survey also reveals a clear generational divide in banking behaviour. While older customers are more likely to stay loyal even when perks disappear, 23% of Gen Z plan to shop around, compared with just 16% of 45–55-year-olds.

Gen Z are also turning to new sources for money advice with 42% consulting AI and social platforms like ChatGPT, TikTok, and Reddit, compared with 30% of millennials.

Unsurprisingly, spending priorities for a £256 windfall differ with millennials favouring football tickets (22%), Ninja gadgets (15%) or a Sky Sports/TNT subscription (11%). Gen Z’s shopping list also includes football tickets (13%) alongside Oasis tickets (10%) and Dubai-style chocolate (10%).

Zopa, launched in 2020, has already attracted 1.5 million customers and won multiple banking awards. Its giant biscuit delivery, which trundled past landmarks including Pudding Lane and Tower Bridge, was taken to a foodbank.