10 million Brits can’t find a reason to recommend their bank
As the nation's biggest banks are busy sharing their latest profit reports with the City, research from Triodos Bank reveals that over 10 million bank customers (21% of the adult population) cannot find a single reason to recommend their bank to someone else.
The ethical and sustainable bank's survey finds two in five (40%) of the nation is dissatisfied or indifferent towards their current bank. Customer service is a driving factor, with more than a third (38%) of those who would not recommend their bank citing poor service as the reason. 37% of those who won't refer a friend say it is due to their bank's financial excesses including the hefty bonuses it gives to staff and its excessive profits, and 29% claim it is because their bank doesn't treat them as an individual.
Huw Davies, Head of Personal Banking at Triodos Bank, said: "The general public is feeling let down and disillusioned with the banking sector so it is not surprising that this many people struggle to find a reason to recommend their bank, and that there appears to be such high levels of dissatisfaction. With so many Brits feeling this way about the banks at the moment, we'd like to challenge people to turn this dissatisfaction into action."
Despite the nation's disillusionment, the reasons that people initially choose their bank do not address their primary concerns. Only six per cent chose their bank based on its customer service and only seven per cent chose their bank for its values. Instead, people are failing to make a proactive choice about their bank, with one in five (20%) opting for a bank near where they worked or lived at the time of choosing and 19% opting for a bank that simply had a lot of branches. One in ten (11%) even stated they are still with the bank their parents set them up with when they were a child and haven't changed it since.
Triodos Bank research also shows that nearly two thirds (61%) of people feel that using a bank that has values they identify with is important, yet few people consider this when initially choosing a bank. Over a third (34%) of UK consumers state that a bank that places importance on issues such as the environment, human rights and sustainability is important to them, which demonstrates that people want more from their banks, but are doing little about it at the moment.
Huw Davies, Head of Personal Banking at Triodos Bank, continues, "Triodos Bank aims to show customers that a bank can have a positive impact on society and the environment. We want to encourage people to take an interest, to become involved and look more closely at the bank they use and how their savings are invested. At Triodos Bank, our customers will always know how we are investing their money, and that it is being used to help make the world a better place. Saving with Triodos means you can get a good return, and your money can do much more than you ever thought".
Triodos Bank aims to bring people's interest back to banking, to learn about where their money goes and to understand that there are banks which aim to help improve the environment and society. Triodos Bank recently launched the Online Saver Plus easy access account paying a competitive 2%. The account reflects consumers' growing appetite for products that offer a decent rate of return but also do not compromise their ethics. With Online Saver Plus, as with all of Triodos' accounts, savers' deposits will be used exclusively to finance organisations delivering a positive environmental, social or cultural impact and via the website knowwhereyourmoneygoes.co.uk savers can see the projects their deposits are funding.
Online Saver Plus pays 2% AER / gross including a 1% bonus for 12 months. This is a leading rate compared to other similar accounts from ethical providers such as the Co-operative Bank, and is competitive in the overall easy access market. Triodos Online Saver Plus is available to customers who apply online at triodos.co.uk. Up to three penalty-free withdrawals are permitted within a 12 month period. In months where a withdrawal is made in excess of this limit, an excess withdrawal rate of 0.1% will be paid for that month. The minimum deposit is £1 and the maximum, £250,000.