UK Money News
20th February 2008
Big five lenders slammed by consumer magazine
The UK's largest lenders have come in for heavy criticism from a leading consumer magazine.
Research conducted by Which? magazine shows that just nine of the 64 best-buy products - including credit cards, loans and current accounts - are offered by Barclays, HBOS, HSBC, Lloyds TSB and Royal Bank of Scotland (RBS)/NatWest.
The study also pointed the finger at the big five lenders over the standards of service its customers receive.
This was highlighted by the fact that, while 80 per cent of customers of Smile said they were 'very satisfied' with the service provided by their account provider, just 40 per cent of Barclays' account holders said the same.
Martyn Hocking, editor of Which? Money, said: "It would be easy to understand why people stick with the big banks if they offered good rates or excellent customer service, but our research shows all too often this isn’t the case.
"If you're still banking with one of the big five, then now’s the time to ditch your account and get a better deal - and better service - elsewhere."
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