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Bank refunds: Supermarkets 'can offer a much better deal'

Consumers who are currently trying to obtain bank refunds may be interested to hear that their supermarkets may offer better deals on financial products, such as loans, than banks do.

Michelle Slade, spokeswoman for price comparison website, explained that some of the best loan rates can be found in supermarkets and that they can be "significantly cheaper" than high street banks.

She said: "For most people their first port of call when looking for a loan is their bank; actually they should be looking at the supermarkets because they are offering a much better deal to customers."

Ms Slade added that supermarkets also offer competitive rates when it comes to savings accounts.

"They're certainly laying down their gauntlet even similarly with their credit cards," she revealed.

Supermarkets that have introduced financial services include Marks & Spencer, Sainsbury's, John Lewis and Tesco.

The latest Moneywise Great British Customer Service Survey found that new players from the high street retail sector are continuing to win trust and attract praise for the quality of their service.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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