Savers shun non-UK banks

Published on 11/08/2012 13:43

Savers are turning their noses up at some of the most competitive deals on the market by steering clear of banking with overseas brands.

Two-thirds of Britons believe it is important to keep their money with a well-known UK name, despite the recent battering to the reputation of the UK’s high street banks.

Almost half say they are deterred from using with a non-UK bank by the ongoing eurozone crisis, according to a survey by uSwitch.

A quarter say they “wouldn’t even consider” banking with an overseas name, even though non-United Kingdom banks offer some of the best rates.

However, while most (96 per cent) of bank customers value knowing their money is covered by the Financial Services Compensation Scheme, almost half do not know how much of their money would be protected in the event of an institution going bust.