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

Big banks retain customers’ trust

0
Written by:
24/10/2016
Consumers trust established banks more than challengers, digital-only players or tech firms, research reveals.

In a survey of 2,000 people looking at which institutions consumers trust with their money, traditional banks came out on top, with four of the ‘big five’ – Lloyds, Barclays, HSBC and Santander – taking the winning spots.

Although their scores were mostly lower than last year, no bank saw a major drop in consumer confidence, according to MoneySuperMarket’s latest Banking Trust analysis.

The other ‘big five’ bank, RBS, finished in 13th place, behind the likes of Marks & Spencer, Sainsbury’s and Tesco.

When rated on a score of zero (would not trust with money at all) to ten (would trust with money entirely), Lloyds Bank was deemed the most trustworthy, scoring an average of 5.2, followed by Barclays and NatWest which both scored 5.1. HSBC saw its score rise marginally from last year, from 4.9 to 5 in 2016.

At the other end of the spectrum, technology companies and digital only banks rank as the least trusted places for people to put their money.

Metro Bank and Apple scored 3.8 and 3.3 respectively, while digital-only challenger Atom scored a measly 2.3.

However, a quarter of 18-24 year olds said they would open a current account with a tech company such as Facebook, Google, Amazon or Apple. Amazon ranked higher than more established banks Metro Bank and Standard Chartered.

A strong brand reputation is clearly important to customers. Despite not having a specific banking offering, John Lewis ranked tenth most trustworthy with money with a score of 4.5 out of ten, ahead of the likes of RBS and Metro Bank.

Kevin Mountford of MoneySuperMarket said: “2016 has been a turbulent financial year, and it’s therefore not surprising that trust still lies with the traditional banks, which offer reliability and reassurance. However, challenger banks are continuing to make a play for customers, and it’s encouraging to see the likes of Atom bank and Starling trying to disrupt the market.”

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

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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

Read previous post:
pensioner income, new state pension
Rates slashed on ‘final solution’ savings products

Struggling savers have been dealt another setback with news that rates on long-term fixed bonds have plummeted to record lows.

Close