Brits would trust retailers to provide current accounts

| August 29, 2012 | 0 Comments
Brits would trust retailers to provide current accounts

Consumers’ trust in UK banks has fallen to the extent that millions would trust high-street retailers with their current accounts, according to a poll by comparison site Uswitch.com.

Public confidence in banks has been eroded by recent scandals, including Libor rate-fixing and the mis-selling of financial products, as well as by IT failures.

In its poll of 1,300 adults, John Lewis came out as the brand considered most trustworthy, with 75 per cent of those polled saying they would trust the retailer to banking services.

Nearly 50 per cent said they would trust Waitrose, which is owned by the John Lewis Partnership, while around 25 per cent said they would trust Asda and Amazon.

Morrisons and House of Fraser were also considered trustworthy.

Less than 10 per cent of those polled said they believed their bank offered ‘the best value for money’, and just 37 per cent said that traditional high street banks offered ‘good customer service’.

Michael Ossei of Uswitch.com, said: ‘It is a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no previous banking experience.’

Some retailers, including Tesco, Sainsbury’s and Marks & Spencer have already made a move into banking and 80 per cent of those polled by U-Switch said they would consider moving to a non-traditional banking provider.

Marks & Spencer has already launched its first bank branch outside of London, at its Meadowhall Shopping Centre branch in Sheffield, and it plans to open 50 in-store branches by the end of 2013.

The branches are designed to be more relaxing than traditional high street banks, and keep the same opening hours as the store.

However the M&S bank does not offer free-in-credit current accounts.

Its first current account is available for up to £240 a year, but offers a range of in-store benefits.

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