New research shows UK consumers without bank accounts pay an extra £485 ($631) for everyday bills and services:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.Unbanked consumers in the UK pay an extra £485 for everyday bills and services, according to research from banking services provider Pockit cited by
. Around 1.2 million consumers in the UK don't have a bank account, which means they can't access the discounts those who pay their bills via direct debit enjoy.This ultimately leads unbanked consumers to pay more for their energy bills, broadband, and phone contracts. And while these consumers are on the hook to spend more money on bills, this points toward a broader trend in the UK: Opening a bank account is complicated, leaving many UK consumers unbanked.
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