Active savings accounts switching reasons in the United Kingdom in 2014

Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014

by Statista Research Department, last edited Jan 20, 2015
Active savings accounts switching reasons in the United Kingdom in 2014 This statistic presents the grounds for switching savings accounts according to holders, who had switched an account in the preceding three years in the United Kingdom (UK) as of 2014. It was found that the main reasons for switching were interest/rate related. A total of 31 percent of respondents switched after bonus rate expiry, 25 percent after their interest rate was cut by their provider and 13 percent managed to find a better interest rate.
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Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014

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Share of respondents
My bonus rate expired and I found a better rate31%
My rate was cut by the provider and I found a better rate25%
My rate had not been cut but I found a better rate13%
I changed my current account provider and changed my savings account too8%
I wanted better internet access8%
Family or friends advised me to do so8%
I was dissatisfied with my current provider's quality of service8%
I experienced problems with the way my account was managed7%
I encountered charges or penalties that I did not expect5%
Don't know4%
I did not feel my money was safe with my existing provider4%
I wanted access to a larger number of branches3%
Other2%
Came to the end of the term/matured1%
Automatically transferred by bank1%
Better/higher interest rates1%
Bank advised it/offered it1%
Access to the branch/location1%
Share of respondents
My bonus rate expired and I found a better rate31%
My rate was cut by the provider and I found a better rate25%
My rate had not been cut but I found a better rate13%
I changed my current account provider and changed my savings account too8%
I wanted better internet access8%
Family or friends advised me to do so8%
I was dissatisfied with my current provider's quality of service8%
I experienced problems with the way my account was managed7%
I encountered charges or penalties that I did not expect5%
Don't know4%
I did not feel my money was safe with my existing provider4%
I wanted access to a larger number of branches3%
Other2%
Came to the end of the term/matured1%
Automatically transferred by bank1%
Better/higher interest rates1%
Bank advised it/offered it1%
Access to the branch/location1%
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by Statista Research Department, last edited Jan 20, 2015
This statistic presents the grounds for switching savings accounts according to holders, who had switched an account in the preceding three years in the United Kingdom (UK) as of 2014. It was found that the main reasons for switching were interest/rate related. A total of 31 percent of respondents switched after bonus rate expiry, 25 percent after their interest rate was cut by their provider and 13 percent managed to find a better interest rate.
Show more
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Statistics on "Individual savings accounts in the United Kingdom (UK)"
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