Savers 'value trust over gimmicks'

By Sarah Engle, Mon 22 Sep 2008 - Published in Banking

New research suggests that UK savers are looking to carry out their banking with a provider they trust.

According to the findings from Chelsea Building Society, issues such as online systems and telephone services are no longer the main concern of savers, with 51 per cent looking for the accounts which provide them with the most interest.

However, 50 per cent also said their decision is made on the amount of trust they have in the bank or building society, while 51 per cent also want to have easy access to their savings.

Darren Stevens, director of customer services at Chelsea Building Society, commented: "Despite the efforts providers put into promoting innovative online and telephone systems and the gimmicks they employ to entice savers, our recent research shows that these are having little effect upon today's consumers."

The research discovered that 33 per cent rank online access as important, 18 per cent look for a firm with a high street presence and nine per cent want phone services.

Last week, Simon Hopes, of Natwest Private Banking, suggested that private banking services are open to a wider range of people than is expected.

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