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

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

0
Written by:
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.”

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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:
Health secretary warns of ‘tax avoidance’ in plan to pay doctors’ pensions tax

Health secretary Matt Hancock has supported the proposals from NHS England about doctors’ tax bills but raised concerns about tax...

Close