Confidence in supermarket banks low, reports moneysupermarket.com

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Confidence in supermarket banks low, reports moneysupermarket.com

Supermarket banks are trusted by just four per cent of consumers over high street banks, a moneysupermarket.com survey has found.

However, Kevin Mountford, head of banking at the website, said that the recent banking crisis could allow the likes of Tesco and Sainsbury's to gain a hold on the market.

But, while people are becoming more comfortable with a store managing their cash, "for now, experience is key and that is one thing the banks have plenty of," he added.

Mr Mountford felt that an area where the new banks can challenge the older institutions is through offering good value innovative products, plus higher savings and cheaper mortgages.

The recent move by Tesco to become a bank was welcomed by the price comparison site as a way of providing a more competitive market and giving the consumer more "meaningful options".

Despite 11 per cent of those questioned in the survey believing supermarkets were taking over their lives and there was a need for them to stay with traditional products, 37 per cent were happy with the way that they were expanding.

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