Three quarters of British people are at risk of being left without access to cash, because they only use one bank. Potentially leaving them without access to cash if a banking melt down happens.
Which? found 77 per cent of 1,500 people surveyed in the UK held either one account or several with the same provider, leaving them stuck during online and mobile banking hitches. It says in 2019 the main banks suffered 265 IT shutdowns — up from 228 in 2018. With the main banks, IT problems are legacy issues they all have to deal with.
As we move to a more online society we rely on internet banking. But when the banks fail and customers are left without having access to their banks. It can put us into a bit of a pickle. With over 3/4 of people having accounts with only one bank, that's a huge amount of risk.
In 2019 TSB had a meltdown which outraged customers, leaving them without access to not only their accounts but also their wages. Having all your eggs in one basket is a term I hear a lot when looking at investing. The same should be taken when looking at general finances. I personally use two different banks. One which i have my wages paid into and another i use for an emergancy fund.
Having these two split means that if one or the other goes down, I still have access to funds to pay through the month.
Currently you are able to be PAID to swap banks, some banks offer £100 to switch current accounts. With the rise of online only banks like Monzo and Starling, it's never been easier to change.
Maybe it's time to look more closely at your personal finance and work out how risk diverse your finances are.