High street banks 'still popular with consumers'

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High street banks 'still popular with consumers'

Tue 11th Aug 2009

High street banks are still a hit with British consumers despite the events leading up to the recession and the troubles besetting the industry in the last year.

These are the findings of a survey conducted by YouGov on behalf of publication Marketing Week. It discovered that 65.2 per cent of people would rather take out financial packages with established banks rather than non-bank brands.

Of the 1,716 respondents, 20 per cent said that they would opt for an account with Tesco Personal Finance over other providers such as O2, Pizza Express, B&Q and M&S Money.

Commenting on the findings, Michelle Slade, a spokesperson for financial advice website Moneyfacts.co.uk, commented: "Many people prefer to go for a name they know, because the perception is that bigger is better and that their money will be safer."

However, she added, most banks have switching services that make the process of changing banks easier.

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