Wary customers shun internet banks
The lure of internet banks has lost its lustre in the recession
When it comes to keeping your money safe, it appears that the humble high street bank, so battered and bruised from the economic downturn, has held onto its reputation as the best place to keep cash.
According to a recent survey, the threat posed by internet banks during the recession never materialised. Fewer than one in 10 people who are considering moving their bank account would actually opt for a supermarket bank or online provider.
The figures released by PricewaterhouseCoopers make grim reading for online banks, which were predicted to take advantage of the widespread disdain for the high street banks that had been bailed out by taxpayers during the worst of the recession.
A survey of 1,924 people found that of the 21% of people thinking of moving their accounts, only 9% said they were tempted by internet banks compared with 36% who said they were willing to transfer their money to another high street bank that had not received any help from the taxpayer.
However, a spokesman for PricewaterhouseCoopers said the results were less an indication of a lack of trust in internet banks and more a lack of knowledge about the services they provide.
Access to facilities and a lack of incentives were also identified as possible reasons for the rejection of internet banks.
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