This is the according to new research from Lloyds TSB. As the credit crunch bites, 40% of consumers say that they are keeping a closer eye on their finances now than they were six months ago but only 22% are willing to chase the best rates with two thirds (66%) claiming that they are now seeking financial deals that are competitive over the long term rather than market leading in the short term.
The findings mark a change in behaviour and attitudes as 14% of former rate tarts admit when it comes to their finances, they used to chase rates but now are opting for competitive long term deals. Across the country, people living in the North East have made the biggest change in behaviour with 21% stating that they used to be rate tarts but have now changed their ways. Conversely, people living in the East of England are still committed to rate chasing with nearly a quarter (24%) stating that they still happy to move their money around for the best deals.
Commenting on the findings, Catherine McGrath, director of current accounts, Lloyds TSB said: "Rate tarts are becoming a thing of the past, but, that's not to say that people are willing to settle for paltry interest rates. In the current uncertain economic climate, consumers are turning to brands they trust and are seeking good deals that last rather than headline grabbing rates which are only around for a short time then fade away."
