Nostalgia or nuts? Half of Australian adults still with first bank
More than half of Australians are sticking with their very first bank, raising concerns about loyalty tax, according to new research by Finder.
A Finder survey of 1,013 respondents found half of Australians (51%) admit they are still with the bank they started with.
That's equivalent to 10.7 million Australians who have stayed loyal to their first bank.
Women (55%) were more likely to say they are still with the same bank they had to begin with, compared to men (47%).
Almost 1 in 3 baby boomers (30%) are still with their very first bank, compared to 59% of gen X and 41% of gen Y.
Alison Banney, money expert at Finder, said loyalty isn't always rewarded.
"It's highly likely you can find a better interest rate than the one on the account your parents opened for you when you were a child.
"Lenders often offer more attractive deals to new customers to entice them, meaning you could secure a better rate by switching."
Banney said if a bank can get your business as a kid, many will remain tied to the bank as an adult.
"A Dollarmite account was a rite of passage for many Aussie kids and the beloved yellow bank book is a source of much nostalgia.
"It's also very lucrative for the banks, who know that if they can get your business as a child, chances are you'll stick around as an adult and go on to apply for credit cards and mortgages."
Banney urged Australians to review their savings account every year.
"Don't be scared to switch – compare financial products online to see how much better off you could be.
"Following the recent Reserve Bank cash rate cuts, now is the best time to explore other options if your lender has decided to drop their savings account interest rate," Banney said.
Finder will be tracking the savings account interest rate changes as they happen at https://www.finder.com.au/savings-accounts/savings-account-interest-rate-cuts
Are you with the same Australian bank that you got your first Australian bank account with?
| Yes | 51% |
| No | 49.00% |
| Source: Finder survey of 1,013 respondents, March 2025 |  |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,013 respondents from March 2025.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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