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Women savers are ‘more loyal to their bank than men’

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25/11/2019
Women are less likely than men to move their savings to get a better interest rate, new figures reveal.

Research by Hargreaves Lansdown found 43 per cent of women have never switched their savings compared with 36 per cent of men.

In addition, women are more likely to say they don’t have any plans to switch to another account than men – 68 per cent v 58 per cent.

When asked why they didn’t switch, women were less interested in the rate. They said they didn’t think the rewards of shifting were worth losing a relationship of trust and convenience.

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “The trouble is, that the rate really does matter.

“One in ten women have £50,000 in savings, and over three years in an easy access account paying the average of 0.63 per cent, they could be almost £2,500 worse off than someone in the most competitive three-year fixed rate account.”

Women are also far more likely to hold most of their savings with the same bank they have their current account with and more women than men said they stuck with their savings account because they trusted their bank.

Nearly a quarter of women (22 per cent) said switching was too much hassle compared with 19 per cent of men.

Cole said: “Switching doesn’t have to be a hassle. Now you can compare accounts and open them online, so you can literally get it sorted in your lunch hour.”

She added: “Trust shouldn’t be an issue either. Newer online banks and Sharia alternatives are regulated by the FCA [Financial Conduct Authority], so you have all the protections you’d have from a traditional bank, and the FSCS will protect your first £85,000 if something was to go wrong.”

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