Over half of savers (56%) see trust in the brand as one of the most important considerations when choosing a savings provider, according to new research from Bank of Cyprus UK. Although for the majority (65%) getting the best rate is what is most important.
Despite this, just half (50%) of savers claim to have switched savings provider. For those shrewd savers who have switched, nearly three quarters (72%) stated that they left because they found better rates elsewhere. However, a quarter (24%) also claimed to have moved because they felt newer customers were being treated better than them, with a fifth (20%) of savers citing poor customer service as their main reason for switching. Of those savers who took the plunge to switch, the majority (82%) didn't regret doing so.
Tony Leahy at Bank of Cyprus UK commented: "Our research indicates a clear split between those who are loyal to their existing provider and those who take a more proactive approach to finding a better deal for their hard earned money. It is often the most loyal savers who are penalised with poor rates for staying with the same provider.
“While it is heartening that savers are willing to shop around, it is concerning that so many have felt compelled to move their savings due to poor customer service or a sense that they were being unfairly treated compared to new customers. Given that trust in the brand is such a major consideration for savers, it is easy to see how such factors can damage this trust and cause savers to look elsewhere.”
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