Big five customers 'ready to leave'
Published On 5 March 2007
Customers of the big five high street banks are ready to leave in droves, according to recent research.A full four out of five customers of the biggest banks in Britain are ready to leave for a smaller bank, an online survey by personal finance website Fool.co.uk has revealed.
Over half of the customers that are ready to pull up stakes have been with their respective banks for over a decade, the data showed.
David Kuo, head of personal finance at Fool.co.uk, says: "There is tremendous tension between banks and their customers.
"This has not been helped by the embarrassing exposure of punishing charges at a time when banks are also reporting huge annual profits."
With so many customers prepared to leave their banks, the threat of fees from major banks may be mitigated for a time, added Mr Kuo.
Meanwhile, the online lending and borrowing firm Zopa has been called a "big alternative to high street lenders" by Fool.co.uk.
The firm opened for business approximately one year ago and has proven popular with consumers.
