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One new bank account opens every 6 seconds in the UK!

There is an increasing rise towards people opening up multiple bank accounts, especially with the younger generations. This is evident by the 1 in 3 Millennials and Gen-Zs having opened at least two separate new accounts within the past 5 years.

Recent studies have shown that 18 – 21-year-olds (the Gen-Zs) are especially active in opening up new accounts, with 81% of them claiming that they would consider opening another bank account within the next three years. This is a higher amount than what the Millennials claim though in this study. The study with Millennials showed us that 75% of them claimed that they are considering opening another bank account within the next three years.

However, with all of this interest from the younger generations wanting more accounts, this attracts change.  Now, with a larger amount of the younger generation wanting to explore their banking options, this invites more technology that comes with this generation. An example of this is how a quarter of those under 37, surveyed were using mobile-only bank accounts. This, of course, changes many things that banks have to do differently in order to attract the younger generation, including marketing, pricing, communication and much more.

The digital age of Millennials and Gen-Zs seems very apparent when analysing the results in even more studies. When respondents were asked about what they look for when opening a new bank account, they responded by stating the following areas; mobile banking, convenience, functionality and an easy to control account.

To read more about One new bank account opens every 6 seconds in the UK, Click here.

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Fleximize member statement comparison promotion Terms & Conditions

This Promotion is only open to Fleximize Silver & Gold members within the United Kingdom who have authorisation to act on behalf of the merchant account being reviewed. Entrants exclude anyone professionally associated with this Promotion.

      1. Purchase is not necessary.
      2. Entries can only be made directly by a person with authorisation to act on the behalf of the merchant account.
      3. The merchant must be a current member of Fleximize.
      4. A maximum of one submission can be made per merchant account.
      5. To Enter, submit a copy of a merchant services statement to the email address provided by the NetPay representative or uploaded direct via the Fleximize landing page.
      6. Eligibility criteria for receiving the price beat rebate is based on:
        –  The statement submitted must be dated within the last month.
        –  The phrase ‘can’t beat your current statement’ refers to the merchant services rates listed below when compared on a like for like basis as a total including all fees.
        –  Rates to be reviewed include Visa, Mastercard, Maestro and Electron cards only as well as all associated and ancillary charges.
  1. The Promoter may refuse to award the price beat rebate in the event of an entrant’s fraud, dishonesty or non-entitlement under these terms and conditions.
  2. Rebate: £100 paid by BACS to the merchant’s nominated business bank account.
  3. The funds will be paid within 30 days of the Promoter confirming being unable to beat the merchant services rates on the supplied statement.
  4. By entering this Promotion, the merchant will be deemed to have accepted that they are bound by these terms and conditions/
  5. The Promoter will only use the personal details supplied for the purposes of the comparison exercise and for no other purpose, unless we have your explicit consent. Your personal details will always be kept confidential and in accordance with the NetPay Privacy Policy available at https://www.netpay.co.uk/privacy-policy/
  6. The decision of the Promoter shall be final.
  7. These terms and conditions are governed by English Law and shall be subject to the exclusive jurisdiction of the courts or England and Wales.

Promoter: NetPay Merchant Services Limited

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