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Time to ‘Ditch Big Five Banks’ says Which?
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(21-02-08) - According to leading consumer group Which?, the UK’s ‘big five’ banks offer little in the way of best buys and customer service. writes Dan Drage dan.drage@consumerchoices.co.uk |
The ‘big five’ comprises banking groups Barclays (www.barclays.co.uk), HBOS (www.halifax.co.uk), HSBC (www.hsbc.co.uk), Lloyds Tsb (www.lloydstsb.com) and RBS/Natwest (www.rbs.co.uk). Which? are urging customers of these banks to paw over the details of their accounts with a fine toothed comb, and then switch bank accounts to gain a more competitive deal.
Which? named only nine savings accounts, loans and credit cards provided by the ‘big five’ in its top 64 best buys, with most spots on that lists taken by smaller, specialist providers and financial institutions.
Additionally, a recent Which? Money survey found that current account holders at Barclays, HSBC and Natwest (www.natwest.com) were only 40% satisfied with their banks’ level of customer service, while Smile account holders were 80% satisfied.
A typical saver could earn £50 a year by moving their current account to a smaller bank and £220 by taking up a savings account on offer elsewhere, according to the consumer group.
Which? Money Editor Martyn Hocking had the following to say:
‘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 that all too often this isn’t the case.’
He continues:
‘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.’
Chris Eagle, Commercial Manager at CreditChoices, wants to concentrate on banks’ profits versus their level of customer service:
‘There’s a certain irony that Which? Money reports these statistics just as banks announce their profit and loss in 2007. Barclays current account holders are largely dissatisfied with the level of service they’re receiving, yet Barclays revealed profits of over £7 billion two days ago. Something doesn’t add up, so vote with your feet and switch bank accounts and credit cards today. It’s easier than you might think.’
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