A recent independent study of 2,000 UK adults indicates that over the last two years, 34% have opted for a new savings provider, with 55% favoring digital banks over traditional high street options.
According to SmartSave, conducted by Chetwood Financial, respondents moved their savings primarily for better interest rates, with 69% switching banks due to higher rates offered by new providers. Of those surveyed, 55% reported their previous banks failed to raise interest rates despite base rate increases.
Moreover, 70% based their decision to switch on online research via best buy tables, while 62% used comparison websites to find the most beneficial savings options. Interestingly, only 23% encountered difficulty when transitioning to a new bank for savings.