Brits reluctant to switch bank accounts, but don’t have all the information
A quarter* (25%) of Brits say they don’t have the time or it’s too complicated to switch their bank account without realising it takes less than half an hour on average, according to recent research from One Poll. 21% of respondents said they were worried about their direct debits or payments being disrupted.
New research commissioned by Virgin Red, Virgin’s Group-wide rewards club, explored why customers don’t switch their bank accounts. Even when there are switching incentives, or their current bank account is not best suited to them, customers still don't go through the switching process.
Here's what we found:
34% of Brits didn’t know how long the switching process would take, but had they realised it takes less than half an hour (on average), the majority of Brits would be more likely to switch. Interestingly, one in 10 (11%) said they’re not inclined to switch even when they're told it’s a quick and easy process.
Virgin Red and Virgin Money give new customers 20,000 reasons to switch
Virgin Money’s latest current account offer gives customers who switch to the Virgin Money M Plus Account and Virgin Money Club M Account 20,000 Virgin Points to spend on hundreds of rewards with Virgin Red.
Switchers will also benefit from 2.02% AER on balances up to £1,000, plus 1% AER variable on their linked savings account on balances up to £25,000 and 0.50% AER variable on balances over £25,000.
The switch to a Virgin Money current account takes less than half an hour (on average) and because of the Current Account Switching Service (CASS) guarantee, Virgin Money will ensure direct debits and payments are switched across, so customers needn’t worry about anything going awry. Not only will payments and credits switch within seven days because of the CASS guarantee, new bank cards will also arrive within the week.
The research also shows that only 12% of Brits feel that their bank is grateful to have them as a customer. With Virgin Money and Virgin Red partnering, customers will have a reason to feel rewarded for their banking, with hundreds of ways to earn and spend Virgin Points with Virgin Red. Those who switch to the Virgin Money account will be boosted with 20,000 Virgin Points – enough for a flight to New York**, concert tickets in the exclusive Virgin Red Room at Manchester’s AO Arena, film tickets or cases of wine.
Andrea Burchett, International and Strategic Development Director at Virgin Red said: “We are delighted to partner with Virgin Money to offer members the opportunity to earn an incredible 20,000 Virgin Points when switching their current account. With more than 200 rewards, members won’t be short of options to spend their points on – whether it’s the smaller things that make the everyday better like a sausage roll, hot drink or film ticket or a bigger experience like enjoying a concert from the Virgin Red Room or a trip to New York – the possibilities are endless!
“Many customers are often put off by switching, thinking it’s a complicated and long process but actually it’s really quick and easy with Virgin Money and the bank handles the entire switching process for you.”
Virgin Red members are rewarded for their everyday spending, whether that’s online shopping with some of the UK’s biggest retailers like John Lewis and Partners, Marks & Spencer or Boots, booking train travel with Virgin Trains Ticketing or hotel stays with Booking.com, or simply using their Virgin Atlantic Credit Card, they’ll soon see the points add up.
And with everything from the biggest brands in retail, travel and entertainment to smaller treats or exciting new start-ups, there are so many different rewards which anyone would enjoy. Members can also use Virgin Points for good by supporting a number of different charities or helping develop technology to remove carbon from the atmosphere.
The small print
*Research within release commissioned by One Poll on Monday 25 April 2022 of 2,000 UK consumers.
**For flight redemptions, Virgin Atlantic Flying Club membership is also required. Available offers and the points cost for each offer can change. Flight points cost based on standard season price in Economy. Reward flights subject to availability. Taxes, fees and carrier imposed surcharges apply, will depend on choice of cabin, departure airport and destination and are subject to change. Virgin Red programme terms and Virgin Atlantic Flying Club terms apply.
This offer is available to all new M Plus and Club M customers who apply online – via the Virgin Money website or via the Virgin Money Mobile Banking app – and complete a full switch using the Current Account Switching Service, including two direct debits set-up on the account, downloading and logging in to the mobile app and who deposit at least £1,000 into the linked savings account within 45 days of the account opening.
This offer excludes M Account, existing M, M Plus and Club M customers, closures since 31/01/22 and those who’ve taken up previous bundles or Virgin Red offers for switching to Virgin Money.
Eligible customers will be emailed a unique, single use promo code. The email will include instructions for how to redeem via the Virgin Red website or mobile app. Customers must register to become a Virgin Red member to redeem their Virgin Points and start spending.