Savings accounts provider switch incentives in UK

This statistic presents the responses of savings account holders regarding the expected financial gain (per year) from the interest rate change, which would motivate them to switch their current saving account for an account offered by the high street provider in the United Kingdom (UK) as of 2014, listed for account type. The majority of respondents were unable to give a definite response. Among those who did, 28 percent from both groups said they would switch even if the gain equaled less than 50 British pounds.

Expected monetary gain for switching the current savings account to an account with high street provider in the United Kingdom (UK) as of 2014

Monetray gain from interest rate	Easy access Cash ISA	Easy access
Less than 50 GBP	28%	28%
51-100 GBP	10%	8%
101-200 GBP	6%	3%
More than 200 GBP	7%	5%
Don't know	50%	56%

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Release date

January 2015

More information

Region

United Kingdom

Survey time period

May 15th to June 14th 2014

Age group

16 years and older

Special properties

respondents whose account with the highest balance was an easy access and easy access Cash ISA

Method of interview

Online survey

Supplementary notes

Question was read as follows: "How much more would you have to earn in interest for you to consider switching your account to an account offered by one of the main high street providers?"

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