When it comes to money, it seems the old adage of “for better or worse, in sickness and in health” holds more currency than in our personal relationships.
New research by Raisin UK has revealed that account holders are more likely to stay with their bank – typically for fourteen years and four months – than remain loyal to their partner, with the average British relationship lasting just twelve years. The research also found that:
On average, Brits stick with banks for over 14 years but only with long-term partners for 12. Men are more loyal than women to their banks, rather than with partners
Interest rate cuts mean UK savers could be missing out £100’s in earned interest
Newcastle residents stayed with their bank 18% longer than their average relationship!
RANKED: The cities where people are willing to stick it out longer with banks than with a significant other.
New research by personal savings service, Raisin has shown that when it comes to ailing relationships, Brits are willing to stick it out longer with banks than with a significant other. Regionally, the 5th worst offenders were those in Newcastle, averaging nearly sixteen years with their bank versus almost thirteen years with a partner.
The research follows hot on the heels of Barclays Bank becoming the last high-street provider to cut rates on their Easy Access savings accounts – meaning the big high-street banks aren’t paying more than £1 on £10,000 worth of savings.
Raisin.co.uk co-founder, Kevin Mountford, commented:
“The last six months have been really tough for savers, with multiple interest rates cuts and now some of the big banks providing less than 0.01%, and with inflation currently at 0.8%, these accounts are actually losing people money on their hard-earned savings.
Thanks to reduced spending during the lockdown period, the savings ratio in the UK is increasing to a record high, meaning people are clearly keen to save. However, in the UK we have high levels of apathy and inertia, and we need more savers to move from the big banks to better offers from others, noting that up to £85,000 of their money is just as safe under the Financial Services Compensation Scheme.
A record £56.6 billion was saved in total between March and May as households were unable to spend during the lockdown, according to the Bank of England, while there has been a £43.3 billion rise in the amount of money held in interest-paying easy-access accounts between January and May*.
Of late we have seen some positive signs for savers with 1 and 2 year fixed deals improving and hopefully, this will continue, however it further demonstrates the need for savers to remain vigilant and grab these offers when they can.
Women proved more money savvy than men when it came to harbouring unhealthy relationships with their banks, averaging thirteen years. The research also suggested that age does not always carry wisdom. Savers aged 23-35 averaged just nine years with their banks compared to six years with partners, while those aged 45+ averaged nineteen years and fourteen years respectively. Where you are in the UK also seemed to have an effect – residents of Southampton had stayed with their bank 24% longer than their average relationship, whereas those in Plymouth seemed to be more loyal to relationships; lasting 2% longer than their time with their bank!”