People are less keen to shop around for the best savings accounts as the credit crunch has dented their confidence, new research shows.
A study conducted by Lloyds TSB found that 22 per cent of people are willing to switch to a best-buy savings account with two-thirds saying they are looking for deal that is competitive over the long term.
It also found that 70 per cent of people would prefer to have their money in a savings account provided by a bank they know and trust rather than one they do not know so well.
Catherine McGrath, spokesperson for Lloyds TSB, said: "In the current uncertain economic climate, consumers are turning to brands they trust and are seeking good deals that last rather than headline grabbing rates which are only around for a short time then fade away."
Yesterday, the Daily Telegraph reported that the current rate of inflation means that basic-rate taxpayers need to get a return of 6.25 per cent gross on their savings just to make sure their cash does not lose its purchasing power.
Safety in savings important, survey finds
Safety in savings important, survey finds
Tue, 19 Aug 2008
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