Bank customers “annoyed” but willing to pay fees
Two new surveys show that many UK bank customers are “annoyed” with their banks over interest rates but would still be willing to pay a small fee to keep an account if their account provider would drop penalty charges and offer better service.
A survey by consumer group Which? says that almost half of their members are unhappy with the amount of interest their accounts provider, often as little as 0.1 percent, pays to their current account. On the other hand, the survey reveals, only one-fifth of those polled had changed account providers in order to take advantage of the higher rates, in some cases up to 6 percent, offered by some. Some of those who are not happy but have not changed account providers say that they are worried that administrative errors will complicate a change in banks, while others simply admit that they haven’t gotten around to making a change.
A separate study by MoneyExpert.com indicates that despite the recent complaints about high bank charges, many bank customers would not be opposed to paying a small fee to keep their current account as long as service improved and penalty charges were eliminated. Of almost 2,500 adults surveyed, nearly a third said that they would be willing to pay an average £7.29 per month to maintain their accounts, and 75 percent said that they feel free banking is “unfair” because just a few people who are assessed penalty charges are supporting free accounts for those who have not been charged such penalties. While many account holders are charged a penalty on occasion, only 1 in 20 pay penalties on a regular basis.
The MoneyExpert.com survey also revealed that 59 percent of those asked said they would demand better service from their bank if they had to pay a fee to maintain accounts there. A third of respondents said that they thought having to pay a fee for an account would make them more responsible in handling their money.
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