According to comparison site, uSwitch.com, the level of disillusionment felt by UK ISA savers is increasing, with less than one in three satisfied with the interest rate offered by their savings provider. 

The report highlighted that if all providers offered the same interest rate and service, four in ten cash ISA savers would choose a building society.

High street banks fell to second place, followed by new entrants or smaller players, such as Virgin and Post Office (11%).

Fewer than one in ten consumers (7%) chose supermarket or retail brands, and overseas providers lagged well behind in bottom place (4%).

Michael Ossei, personal finance expert at uSwitch.com, said: “This is all about who consumers trust, not just with their savings, but to give them good old-fashioned customer service.

“On this basis, building societies and the newer players in the market have earned their stripes, while the traditional high street banks are still scraping along the bottom.”

“Savers are having to make do with the lowest returns in years and they are obviously not happy about it. Yet despite this, they’re flocking to cash ISAs in their droves with a 26% increase in the number of savers this year compared to last.”

The Royal Bank of Scotland was voted the least popular savings provider – voted bottom for trust, online customer service and ‘most likely to be recommended’.

While savers continue to favour building societies, more than three quarters (82%) believe new entrants will boost the savings sector and four in ten (39%) say they are more likely to use a new player now compared to a year ago.