Savers trust challenger banks more than big banks, according to Hampshire Trust Bank survey

A recent survey of its personal savings customers by Hampshire Trust Bank (HTB) reveals that 63% of customers find challenger banks more trustworthy than the big five high street banks.

Moreover, 54% said trust in banking had improved since the financial crisis of 2008.

This research provides a snapshot of the concerns, opinions and priorities among HTB personal savings customers. Other significant findings include:

  • 65% of respondents are not familiar with Open Banking. Furthermore, only 5% of respondents would be prepared to share their data whilst 42% were not sure if they would.
  • When asked about the most effective savings options and investment strategies over the next five years, 71% of respondents selected cash savings, 15% selected equities and 4% selected property investments
  • 55% of respondents claim that Brexit will not affect their approach to saving and spending

Stuart Hulme, Director of Savings said:

“In the highly competitive banking sector, we are accustomed to the challenger versus incumbent narrative, so it is extremely encouraging to hear from savers that challenger banks are trustworthy, specialist and relevant in this evolving landscape.”

At HTB, we provide customers with excellent standards of customer service. Now is not the time to get complacent, however, and we will continue to raise our game in order to further establish ourselves as the go to bank in our chosen markets.

“The results also show that trust in banking has improved since the dark days of 2008. This is arguably being driven by challenger banks. That said, the banking community still needs to do more in order to restore confidence in consumers. We all have a duty in this regard and most continue to demonstrate that we put the customer first.”

At Hampshire Trust Bank, our personal savings accounts are designed to be straightforward and consistently competitive, giving you the reassurance that you will not have to keep moving funds around to get a good deal and helping you get great value from your savings. Find out more here.

HTB would like to reassure customers that we are operating normal business hours, 9am to 5pm Monday to Friday with no interruptions to our service. Click here for more information about our response to COVID-19. Please get in touch here, or via your usual method should you have any concerns.