Budget & Saving

Value 'rated over bank service'

While factors such as good customer service and extended opening hours are valued by consumers when selecting a bank, the costs and benefits rank higher, new research suggests.

According to market research firm YouGov, half of people would be happy to move their bank account to a new provider if they are offered better value for money.

Its survey of more than 2,200 people also found 49% would consider making a switch if it means lower banking charges.

Improved customer service would encourage 42% of people to change providers, while 29% said they would be willing to move to a bank that stays open longer.

Todd Davies, financial services consulting director at YouGov, said: "Our research shows that retail banking customers appreciate good customer service.

"However, the fact remains, most consumers are rate and fee sensitive and it is these things that continue to drive the selection of providers."

Sam Jackson

Money Dashboard