This statistic presents the grounds for switching savings accounts according to holders, who had switched an account in the preceding three years in the United Kingdom (UK) as of 2014. It was found that the main reasons for switching were interest/rate related. A total of 31 percent of respondents switched after bonus rate expiry, 25 percent after their interest rate was cut by their provider and 13 percent managed to find a better interest rate.
Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014
Characteristic
Share of respondents
My bonus rate expired and I found a better rate
31%
My rate was cut by the provider and I found a better rate
25%
My rate had not been cut but I found a better rate
13%
I changed my current account provider and changed my savings account too
8%
I wanted better internet access
8%
Family or friends advised me to do so
8%
I was dissatisfied with my current provider's quality of service
8%
I experienced problems with the way my account was managed
7%
I encountered charges or penalties that I did not expect
5%
Don't know
4%
I did not feel my money was safe with my existing provider
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Financial Conduct Authority. (January 20, 2015). Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014 [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/
Financial Conduct Authority. "Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014." Chart. January 20, 2015. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/
Financial Conduct Authority. (2015). Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/
Financial Conduct Authority. "Reasons for Switching Active Savings Accounts in The United Kingdom (Uk) as of 2014." Statista, Statista Inc., 20 Jan 2015, https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/
Financial Conduct Authority, Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014 Statista, https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/ (last visited November 03, 2024)
Reasons for switching active savings accounts in the United Kingdom (UK) as of 2014 [Graph], Financial Conduct Authority, January 20, 2015. [Online]. Available: https://www.statista.com/statistics/460661/grounds-for-switching-savings-accounts-in-the-united-kingdom/
