UK Money News
18th August 2008
Crunch makes bank customers more cautious
The current spate of economic uncertainty has meant that bank consumers are less likely to chase a top rate with a lender they do not know and are more inclined to stay with a bank they trust, it has been discovered.
Research conducted by Lloyds TSB shows that 70 per cent of people are now more inclined to keep their money in an established high street lender than switch to a seemingly better deal with a smaller bank.
However, despite the growing unwillingness to chase rates, nearly two thirds of people surveyed (61 per cent) said that they want to earn competitive credit interest on their current account.
Commenting on the findings, Catherine McGrath, director of current accounts at Lloyds TSB, said: "Rate tarts are becoming a thing of the past, but, that's not to say that people are willing to settle for paltry interest rates.
"In the current uncertain economic climate, consumers are turning to brands they trust and are seeking good deals that last rather than headline grabbing rates which are only around for a short time then fade away."
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