Britons have been advised to consider holding a backup bank account in case an IT failure or cyberattack disrupts access to their money. The warning follows a Google Cloud outage that disrupted payments, transfers and cash withdrawals at Revolut, alongside services at retailers and delivery companies.
FCA Chief Urges Multiple Accounts
Nikhil Rathi, the head of the Financial Conduct Authority (FCA), said that having more than one account would allow people to keep access to their money if banks are hacked or suffer an IT disruption. He told The Times: "In terms of the broader national resilience conversation, think about for yourselves, do you have more than one [bank] account, for example. Do you have your own ability to substitute in the event that your single provider goes down? Because we're not going to be able to avoid some of these incidents happening."
Mr Rathi also emphasised the need for individuals to take responsibility for their own digital safety. He said: "My message to the public is that we all have to get the basics right in terms of the way we handle our own personal security, of our passwords and of our access to our data."
Research Shows Account Habits
New research by Kroo Bank reveals that 47% of adults aged between 25 and 64 have a single current account, while almost half (49%) maintain multiple accounts. The findings also highlight a generational divide, with younger people more likely to bank with more than one account. Around 58% of those aged 25 to 34 have at least two current accounts, compared with just 37% of adults aged 55 to 64.
Veronika Lovett, chief executive of Kroo Bank, said: "With the head of the FCA now encouraging people to hold a second account in case of a power outage or cyber attack, it's worth keeping that spare account active rather than letting it gather dust." Ms Lovett added: "Britain's relationship with its bank is changing. Nearly half of people now hold more than one current account, and many are doing it with a clear purpose, to stay organised, to share bills and to get more from their money."
