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Under 25s are opening multiple bank accounts and leaving old ones open, a habit not found in older generations. The trend may be alarming for startups like Monzo and Starling as large portions of their customer base are keeping their primary account held with a legacy bank.
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Matthew Hunt, COO of Pay.UK, which owns and operates the Current Account Switch Service, said: “There are still plenty of people who could be taking advantage of the opportunities associated with switching, particularly amongst the young and those considered financially vulnerable.”
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