Savers use their heads and switch to the best accounts
People unhappy with their savings accounts are switching providers according to new research out today from Birmingham Midshires (BM) as part of its ‘Saving Britain’ campaign.
Jason Robinson, director of savings at BM, said: “With the empowerment afforded by the Internet, and the growth of aggregator websites which offer easy-to-read comparison tables to enable them to compare savings accounts, British savers are taking advantage and are searching for accounts that will make their money work harder.”
He continued: “BM can reveal that those who have actively managed their savings claimed they switched providers because their savings account no longer met their needs.
“I know that more than 12% of people have either opened a new savings account or switched providers in the last three months. Around 8% of these did so because of perceived poor service from their provider.”
Robinson also noted that more and more people are taking a “proactive” approach to their savings and are shopping around for accounts that meet their specific needs while also paying an “acceptable” level of interest.
He said: “This is an encouraging trend and we strongly urge all savers to regularly review their account to ensure they are getting the best deal possible.”