The results show, for instance, 54% of consumers are not happy with their current banks service and yet 43% hold their savings accounts with the same provider.
Almost three quarters (74%) of people who used the polls have 1 to 3 credit cards and 20% have 4. Yet with such high numbers having numerous credit cards, 46% do not know what the APR is on their card.
Half (50%) of people are on variable rate mortgages and 27% do not know what the rate is on their existing mortgage. However, even if these products are competitive, 34% would incur a penalty for switching their mortgage.
Emma Butler, Moneyfacts Web Editor, comments: “These results have made clear what many of us may have feared. There is a lot of competition in the financial services markets and there are some excellent deals available. Consumers need to start looking at their finances and shopping around for better deals. Thousands of pounds a year can be saved. Moneyfacts.co.uk is a great place to start the whole-of-market research. We are completely independent and are not paid by anyone to be in our best buy charts or searches. What’s more, we do not receive any commission if someone applies for a product through a link from our site. This means consumers can be sure they are getting an accurate and unbiased view of the market.”
FULL SURVEY RESULTS:
Source: Moneyfacts
Banking / Savings:
- 64% access their savings online while 36% use another means. (7510)
- 43% hold their savings account with their current account provider. (5291)
- 56% prefer to invest in variable savings accounts rather than fixed. (5260)
- 61% have a mini ISA, 12% a maxi and 27% have no ISA. (4262)
- 66% conduct their day-to-day banking online, 28% through a branch and 6% neither. (1473)
- 54% are not happy with their current bank’s service. (1011)
Credit Cards
- 46% do not know the APR on their existing credit card. (787)
- 49% do earn cashback on their existing credit card. (746)
- 6% have no credit card, 74% 1 to 3 and 20% 4. (2406)
- 83% think there should be a cap on credit card APRs. (1287)
Mortgages
- 27% do not know what their current mortgage rate is. (3191)
- 34% would incur a penalty for switching their mortgage. (2473)
- 43% have a fixed/capped mortgage, 50% variable and 7% offset. (3953)
- 24% hold their house insurance with their mortgage provider, 74% do not and 2% are unsure. (2769)
