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Bank charges: Banks 'experts at exploiting the inertia of consumers'

Banks have become experts in encouraging and exploiting customers who do not seek out better deals for their savings.

Such is the opinion of Jason Riddle, co-founder of Save Our Savers, who claims that banks are not interested enough in their customer's savings to pay a rate above inflation.

He believes that some banks and building societies are failing to inform their customers when the rate on their savings changes.

He said: "Whether you call it customer loyalty or consumer apathy, banks are expert at encouraging and exploiting the inertia of consumers who do not actively search out the best deals for their savings.

"Save Our Savers is calling for all banks and building societies to 'state the rate' the saver is receiving whenever they communicate with a saver."

According to a report by Which?, 87 per cent of savings accounts that were available six years ago are now paying interest of 0.5 per cent or less.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.
 ADNFCR-2776-ID-800346183-ADNFCR



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