Switching away from big five banks 'can save money'
News brought to you by Skint Tariffs, providers of price comparison for cheap international calls. As well as using access codes to make cheap international phonecalls, consumers who want to save money should leave the "big five" high street banks, according to a consumer magazine.
Just as visiting a price comparison site for cheap calls can lead to money savings, so comparing bank accounts outside the biggest banks in the UK can lead to better deals, a report from Which?Money reveals.
Following a study of Barclays, HBOS, HSBC, Lloyds TSB and RBS/Natwest, the consumer magazine claimed that switching savings accounts from these banks could lead to £220 extra savings for people with £10,000 deposited.
The big five also fared badly on customer satisfaction; only 40 per cent of respondents claimed to be happy with their current accounts at Barclays, HSBC or Natwest, compared to 80 per cent who were satisfied with Smile.
Martyn Hocking, editor of Which? Money, said: "It would be easy to understand why people stick with the big banks if they offered good rates or excellent customer service, but our research shows that all too often this isn't the case."
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