UK Money News
8th August 2008
Banks 'punish customers for their loyalty'
Britons are missing out substantial savings by staying loyal to their banks instead of seeking out the best deals on the market, it has been claimed.
Moneyfacts.com calculates that by switching loan, credit card, mortgage and bank accounts some consumers swell their balance by an extra £5,000 annually.
The site claims that Halifax is offering their loyal customers the worst deal, followed by Royal Bank of Scotland.
Michelle Slade, analyst at Moneyfacts, urged consumers to take a more proactive role in their money and slammed the banks for their approach to their customers.
She commented "HSBC customers come out best by being just under £2,000 worse off, but that is still a large amount, particularly in the current economic climate where every penny counts.
"The big banks trade on their names and it is disappointing that they do not offer more competitive deals to their customers. The banks are not loyal to you, so why should you be loyal to them?"
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