2.5 million have offset accounts
The research confirms the growing popularity of offset banking and underlines its potential to win over more and more customers from traditional banks as awareness of its benefits spreads.
10 million would consider moving to offset banking
The research confirms offset banking is set to come of age in the year ahead with a further ten million UK banking customers who don’t currently use it saying they would consider a switch to a bank that offered it.
Commenting Grenville Turner, Chief Executive said: “It’s no surprise to me to find more and more financial institutions trying to emulate our success in the offset market. Although most other offerings are pale imitations of the Intelligent Finance offering – it is good news for consumers that they will now have greater access to a patently fairer way of banking.”
Homeowners, ABC1’s and 18-34 year olds most likely to move
Offset banking particularly appeals to ABC1’s, the next generation of banking customers – 18 to 34 year olds – and homeowners. Some one in three of each of these groups said they would consider changing their bank to take advantage of the benefits of offset banking.
Men twice as likely to offset bank
The research also revealed that, to date, offset banking has caught on more quickly amongst men than women, with men being twice as likely to take advantages of the benefits of offset banking.
Awareness on the rise
Some 1 in 4 consumers are now aware of offset banking, an increase of over 50 per cent in the last year alone. ABC1’s are significantly more likely to be aware of offset banking than the population at large with nearly 1 in 3 saying they were aware of the principle underpinning offset banking.
Intelligent Finance offers consumers the ability to offset the money they hold with the bank across all their borrowings without the need to have a mortgage with them. No other bank offers consumers the opportunity to offset their money against the same range of borrowing products. Consumers can take out as many or as few products with the bank as they choose and there are no requirements to mandate salary payments as there are with some other offers.