Yup. Especially when people last opened or moved a bank account before the Current Account Switch Service launched and you had no option but to move all of your activity manually.
I was with the same bank for over 20 years because once my account was opened and I had everything going through it, changing didn’t feel like an option. The mental risk/reward ‘caculation’ didn’t stack up for me, it always came back to “Why would I go through the hassle of changing when it works now?”
What changed for me initially was I started using the Monzo pre-paid card. I really liked how it worked and, looking ahead to how I could move over in the future was when I first learned about the Current Account Switching Service. Also around that time, I actually went back and had a closer look at my current account I’d had over 20 years and realised that for the past two years it had been offering me absolutely nothing in terms of added value, with the various benefits and inducements having been slowly stripped away or watered down. It was quite a shock when I realised at that point they were literally doing nothing other than holding my money for me.
As the Monzo current account still wasn’t on the horizon at that point, I investigated current banking options and switched to First Direct, who offered me a lot more than my previous bank straight out of the gate.
Going forward I don’t know when or even if I’ll switch to the Monzo current account completely as I now have some other linked First Direct accounts to help make better use of my money. In the medium term I’ve been transferring an ‘allowance’ to Monzo every month and using it as my daily spending card, which is working for me so far. In a year or two, especially when the Monzo marketplace options are up and running, I’ll re-evaluate things.
tl;dr was with same bank for 20 years before using Monzo beta directly led to me switching to a different bank account.