UK Personal Finance

Which? A consumer group, released information that the 4 big high street banks were not keeping up standards when compared to internet and phone based counterparts.  Barclays, HSBC, Lloyds TSB and NatWest are all on the bad list when it came to the results of a survey of 4,680 of consumer organisation’s members, which asked about how happy they were with the banking society.  61% of the people questioned banked with one of the 4 high street banks, but still scored very low for customer satisfaction.  Which? Adds that interest rates available where also very poor; with most banks only paying 0.1% on credit balances.  This research comes after many banks reported a higher profits for the past 6 months, showing higher levels of satisfaction amongst their customers. 

Interest rates of 2% and 3.04% offered by First Direct and Smile, had the most satisfied customers.  The happiest customers on the high street where found at, Halifax, Nationwide building society and Alliance & Leicester.  The full results of this survey where published in Which? Money last month.  Martyn Hocking, the editor, explains that its time to move banks if people are still with one of the 4 big high street banks.  Many internet and telephone banks seem to treat customers better and people would be able to find higher interest too.  A third of all Which? members stated a better interest rate was why they had moved banks; where as the other two thirds stated they had switched due to the poor service; 72% of the people who have switched have stated that it was easy to change and get better service.