The research confirms the growing popularity of offset banking – including offset mortgages - and underlines its potential to win over more and more customers from traditional banks as awareness of its benefits spreads.
The research confirms offset banking is set to come of age in the year ahead with a further ten million UK banking customers who don’t currently use it saying they would consider a switch to a bank that offered it. Commenting on the findings, Grenville Turner, chief executive, said: “In a climate where returns on savings in traditional accounts are low, the burden of taxation is rising, and the stock market is in a prolonged slump, offset banking gives people the opportunity to make their money work far harder for them. It’s small wonder that offset banking is quickly catching on.”
Offset banking particularly appeals to ABC1’s, the next generation of banking customers - 18 to 34 year olds - and homeowners, according to the survey. One-in-three of each of these groups said they would consider changing their bank to take advantage of the benefits of offset banking.
