This report examines the factors that drive the current account market and the branch network that still underpins banking in the UK. Exclusively estimating the size of the current account market within the context of the overall personal banking account, this report also highlights the key players in terms of market share and company profiles. The changing distribution balance within this market is analysed, together with data on advertising and promotion. The Future section addresses the likely developments within this sector over the next few years. Consumer research specially commissioned by Mintel examines consumer banking trends and the key target groups for marketers. Who respondents primarily bank with is initially established and the main reasons for choosing a particular account outlined. Mintel next sought to establish how long people had been with their present current account provider and to identify those consumers who could be deemed as ‘switchers’. The final question examined factors that would prompt account holders to change the company they bank with.

This report examines the factors that drive the current account market and the branch network that still underpins banking in the UK. Exclusively estimating the size of the current account market within the context of the overall personal banking account, this report also highlights the key players in terms of market share and company profiles. The changing distribution balance within this market is analysed, together with data on advertising and promotion. The Future section addresses the likely developments within this sector over the next few years. Consumer research specially commissioned by Mintel examines consumer banking trends and the key target groups for marketers. Who respondents primarily bank with is initially established and the main reasons for choosing a particular account outlined. Mintel next sought to establish how long people had been with their present current account provider and to identify those consumers who could be deemed as ‘switchers’. The final question examined factors that would prompt account holders to change the company they bank with.

Exploring the key industry issues and offering a hugely valuable overview of the UK market for current accounts, this report’s findings include:

Demand driven by population growth and economic activity

Consumer research estimates indicate Lloyds TSB, RBS and Barclays have largest market shares

Significant growth in the number of packaged accounts available

Telephone and Internet banking are coming more to the fore

Huge penetration of current accounts in the UK adult population

The importance of the availability of an interest-free overdraft when consumers pick

5 million consumers are thinking about changing provider

Consumers are paying more attention to rates