Grounds for not switching savings accounts in the United Kingdom in 2014

This statistic presents the grounds for not switching an easy access savings accounts in the United Kingdom (UK) as of 2014. The main reason for sticking with the current provider was the satisfaction with the quality of service - mentioned by 35 percent of respondents.

Reasons for remaining with the current easy access savings accounts in the United Kingdom (UK) as of 2014

Share of respondents
I am happy with the quality of service35%
I have been with this provider for a very long time26%
No reason - I just haven't thought about it23%
Convenience, because I hold other financial products with my current provider19%
Convenience, my current provider has a local branch18%
Other providers do not offer significanly better products of rates13%
I do not think I can get a better rate from the providers I would consider switching to8%
I think this rate is probably a reasonably good rate8%
I don't trust the switching process - I'm worried about losing some of my savings or interest3%
The rate I have is market leading3%
I have experienced problems before in switching / It takes a lot of time time and effort1%
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Source

Release date

January 2015

Region

United Kingdom

Survey time period

May 15th to June 14th 2014

Number of respondents

1,048 respondents

Age group

16 years and older

Special properties

holders of easy access accounts older than three years

Method of interview

Online survey

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Statistics on "Bank customer retention in the United Kingdom (UK)"

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