Interest rate difference motivating savings account provider switch in the UK 2014

Published by Statista Research Department, Jan 17, 2018
This statistic presents the responses of savings account holders regarding the necessary interest rate change that would motivate an account switch in the United Kingdom (UK) as of 2014, broken down by the potential new provider. The majority of respondents was unable to give a definite response. Among those who did, 14 percent of respondents said they would consider switching their easy accounts account to one managed by the main high street provider for an up to one percentage point difference in interest rates, whereas only 5 percent would switch to a less well known/regional provider for the same interest rate difference.

Expected interest rate difference for switching current savings account in the United Kingdom (UK) as of 2014, by provider

Interest rate differentialLess well know/regional providersNew savings providersSmaller building societiesOne of the main high street providers
Below 1 percentage point5%10%10%14%
1-2 percentage point(s)4%8%7%11%
2-3 percentage points2%6%5%7%
More than 3 percentage points6%9%8%14%
Don't know83%67%70%55%
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Source

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Release date

January 2015

Region

United Kingdom

Survey time period

May 15th to June 14th 2014

Number of respondents

1,111 respondents

Age group

16 years and older

Special properties

respondents whose account with the highest balance was an easy access account

Method of interview

Online survey

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