Spenders and savers alike would no doubt appreciate some kind of reward for staying loyal to their bank or building society, but it’s highly unlikely that they will be able to get a better deal than if they were to switch.
Savers
At a time when savings rates are hitting new lows, consumers who have managed to rustle up a sizeable nest egg have had little to celebrate. In addition, those who are considering putting money aside are starting to lose the confidence to do so – an attitude that was highlighted in a recent study by GfK. This is likely to be a result of the Brexit vote, but at a time of such uncertainty, surely consumers should be encouraged to squirrel money away in case of emergencies?
When such a low-confidence, low-return culture persists, it has a devastating impact on consumers’ willingness to save.
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