Multiple current account Britain: nearly half of 25–64s hold more than one, Kroo Bank research reveals

10 November 2026

Follows FCA chief’s call for adults to open a second account with a different provider

New research from Kroo Bank reveals that nearly half (49%) of UK adults aged 25 to 64 now hold more than one current account, as Brits split their money across banks to stay organised, share bills and get better features.

The survey is timely given that the head of one of the UK’s leading financial watchdogs, Nikhil Rathi of the Financial Conduct Authority, this month publicly urged UK adults to open and maintain a second current account with a different provider to their main bank. This is to guard against the impact of such events as cyber attacks and power outages which could leave consumers without access to their money.*

Kroo Bank’s study of 2,000 UK adults (25-64 year olds), conducted by Censuswide, found that 47% have just one current account, with the average person holding 1.6. Multi-banking is most common among younger adults with 58% of 25-34s having two or more accounts, compared with 37% of 55-64s.

Londoners are the most likely to spread their money, with 22% holding three or more accounts, well above the national figure of 14%.

Among those with more than one current account, the most common reason is to organise their money for example, keeping bills separate from spending or saving for upcoming costs (39%). This is followed by managing shared household costs (22%), getting cashback, rewards or a sign-up bonus (21%) and spreading money across banks for security (20%). In addition, women are more likely than men to use an extra account to organise their money (43% vs 35%).

However, inertia also plays a big part with one in five (21%) saying they only have an additional account because they opened it a long time ago and never closed it, and 9% of 55-64s with more than one account saying there is no particular reason at all.

Features matter too, particularly to younger adults. Among 25-34s with more than one account, 22% have one for a better app or budgeting tools (vs 8% of 55-64s) and 22% to earn interest on their balance. Nearly one in five (18%) of all multi-account holders keep an extra account to spend or send money abroad without high fees, rising to 26% in Greater London.

Three reasons to consider having two (or more) current accounts:

1. A back-up if something goes wrong. If your main bank suffers an outage, a cyber attack or a technical glitch, a second account means you may still be able to pay for essentials and get to your money. This is the point the FCA is now making.
   
   
2. Better control of your money. Keeping bills, everyday spending or savings goals in separate accounts makes budgeting easier. It also makes sharing costs with a partner, family or friends, simpler and fairer.
   
   
3. Getting more from your money. No single bank does everything best. A second account lets you pick up a higher interest rate, fee-free spending abroad, a better app or a switching incentive without giving up your main account.

Veronika Lovett, Chief Executive Officer at Kroo Bank, said:

“Britain’s relationship with its bank is changing. Nearly half of people now hold more than one current account, and many are doing it with a clear purpose, to stay organised, to share bills and to get more from their money.

“What really stands out is how much of our banking happens out of habit, as one in five people with a second account only keep it because they never got round to closing it. Whilst at the same time, younger adults are actively choosing an extra account for a better app, for interest or for spending abroad and so showing that people want their bank to be simple, useful and transparent and they’re voting with their accounts.”

“With the head of the FCA now encouraging people to hold a second account in case of a power outage or cyber attack, it’s worth keeping that spare account active rather than letting it gather dust.”