You are here: Home - Saving & Banking - News -

Bank branches irrelevant for many consumers

Written by:
Many consumers view physical bank branches irrelevant, and only get in touch with their bank to complain, according to research.

The study found only 47 per cent of current account holders have visited their local bank branch in the last 12 months, with 37 per cent not knowing its location.

On average, consumers have not spoken to their bank in over two years and four months, 18 per cent haven’t done so for over three years, and 17 per cent never have. Very few current account holders have any relationship with their bank manager, with 56 per cent never having spoken to them. Of those who have spoken to their bank, 33 per cent did so to complain, or resolve an issue with their current account.

When asked to name their single most important current account feature, 34 per cent of consumers chose good online banking facilities – ahead of local branches (19 per cent), low charges (15 per cent) and good customer service (14 per cent). A bank having an established brand was important to a mere 6 per cent.

Matt Sanders, banking expert, commented: “Many current account customers don’t have a particularly fruitful relationship with their local branch. Indeed, according to the figures, a third of conversations with bank staff concern problems with their account, or making a complaint.

“If you’re unhappy with your bank, it’s never been easier to switch. Switching bank accounts became quicker and simpler following the introduction of new faster switching rules in September 2013.  The new rules give banks a seven day time limit to switch a customer’s account – and they must seamlessly transfer direct debits and standing orders.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week