Two-thirds of Fools don't trust their banks to sell them the right product.
A survey of almost 4,000 Fools found that two-thirds of customers of the 'Big 5' banks don't trust their banks to sell them the right products.
One in eight 'Big 5' customers also claim that their banks have actually been mis-sold something, while one in six say that money has gone missing from their accounts at some time. Of the 'Big 5', Barclays appeared to be the least trusted with only 28% of customers trusting the bank to sell them the right products.
Customers who trust their banks to sell the right products
HSBC | HBOS | RBS/Natwest | Lloyds TSB | Barclays |
|---|---|---|---|---|
39% | 35% | 34% | 31% | 28% |
In a way, I'm pleased by these figures. Right from the start of Fool UK in 1997, we've argued that people should make their own financial decisions and not rely on advice from staff at your local bank branch or elsewhere. It seems that many Fools agree with us.
And don't forget, if you're unhappy with the service you receive from your bank, it's pretty easy to switch current accounts these days; for example, the bank to which you switch can move all of your direct debits and current accounts for you.