Possible end to free banking


Could be interesting, while many would say they won’t because one bank offering free banking could clean up, I’m not so sure. Overdraft rates virtually all went up to much the same rates the last time the rules changed. I can see switch offers like free banking for a year, or free if you take our credit card or mortgage maybe

Already being discussed here

I think this is a better place to discuss this topic.


This doesn’t fully bother me as I have packaged accounts anyhow. But I do feel it’s a bold and stupid move to force paid accounts. They make money on our money anyhow


Even if this is the better place, still helpful to link to where it has already started to be discussed. Personally, couldn’t care less where it is discussed.

And so the enshittification of the world in the name of corporate profits continue. More at 10.


It’ll just get bundled in with perks/salary in etc.

The people who have a dozen open accounts will just stop once they have the card and move on.

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Remember when the UK left the EU and providers like Three said they wouldn’t re-introduce roaming charges and then they shortly later did.

Not impossible that this would go the same way…


Except they’ve always been able to charge for accounts, haven’t they? Banks just chose not to. In fact, it used to be the case that they did, but then Midland Bank stopped charging, and everyone else followed.

With it being so easy to change accounts, it wouldn’t surprise me if this did happen, people would just switch to banks that weren’t charging (I doubt they all would).

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I guess it’d be switch for free banking (for a period)and an incentive. So if you did nothing you’d end up paying or switching every year or so.

OK calm down. It wasn’t a criticism of your comment, it was a suggestion to the mods.

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I am calm. Just gave my own viewpoint, that’s all.

I’m old enough to remember that this story comes around again and again.

I’m sure ‘free’ banking is here to stay. Because it’s not free. There are a myriad of ways for a bank to make money from you without scaring you away from opening an account with them.


I don’t think I’d have a problem with paying for my bank account - it’s a vital service that costs money to provide - but I don’t think we’re all that close to seeing it just yet. In fact, rather than charging us, banks seem keen to throw cashback and switch bribes at us for now.

All it would take is for one of the big 4 banks to stay fee free and they would get such an influx of customers, it would be worth it to stay fee free.

I really doubt any of them would end free banking any time soon.

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And that would be exactly why it should remain free. It’s a vital service that makes life incredibly difficult if you can’t access it.


Right now the bigger banks are increasingly contending with fintechs and neobanks for customers. The U.K. banking scene has never been so competitive, there’s no chance of banks trying to charge customers in this market. If Barclays implemented a charge for all accounts tomorrow Monzo would have ten million new customers by Monday.


I can prove this to be wrong. Banks currently pay you to move and there is no ‘influx’.

Hardly proof. Look at the recent response to Tymit’s implementation of a fee. People closing their accounts. People are apathetic until it starts hitting them in the pocket. It will be the best advertisement for current account switching.

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That is clearly not proof.

People might not know about switch offers, but banks would have to tell you if they are implementing fees. That in itself would cause people to switch.