Bank customers annoyed by low interest ratesBut most have never switched their business

04 April 2007

 

Twenty pound note and coins

If you're not getting the most from your account provider, you should take your business elsewhere

Low interest rates on current and savings accounts is the main complaint people have about their banks, according to a Which? Money survey published today.

Forty five per cent of Which? members surveyed by Which? Money said they are more annoyed by low interest rates than issues such as closure of branches and poor customer service.

The five biggest banks – Barclays, Halifax/Bank of Scotland, HSBC, Lloyds TSB and Royal Bank of Scotland/Natwest – offer just 0.1 per cent on some or all of their current accounts.

In contrast, current accounts awarded Which? Money Best Buy status pay up to 60 times more interest and get an average or better rating for overall customer satisfaction.

Current accounts

However, despite the fact that it is easy to move to a new account, four out of five Which? members have never switched banks.

Martyn Hocking, Editor of Which? Money, said: ‘Too many people put up with getting poor returns on their bank accounts or customer service that is not up to scratch, but it is really easy to switch accounts to get a better deal.

‘If you're dissatisfied with the service you get from your bank, vote with your feet and take your business elsewhere.’

Which? Money

A full article ‘How to find a better bank’ appears in the April issue of Which? Money magazine. The article includes the results of a survey about banks, gives tips on how to switch bank accounts and a checklist for dealing with the most common bank complaints.

Which? Money is published monthly and is available by subscription only.  A special trial offer of 2 issues for £2 is available by calling 0800 0321 177.