Brits 'would prefer to bank with John Lewis' than big four

Caroline Cassidy

A new report has revealed the extent to which Brits have lost faith in the nation's banking giants, with the majority saying they would prefer John Lewis or Asda to look after their cash.

Brits would prefer to bank with trusted brand John Lewis
Brits would prefer to bank with trusted brand John Lewis

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Asked which brands they imagined to be the most trustworthy should they offer current accounts, three out of four adults chose department store John Lewis.

Almost 50 per cent of the 1,300 polled said Waitrose, owned by the John Lewis Partnership, would be their trusted brand of choice, while Asda, Morrisons, House of Fraser and Amazon were also cited as potentially offering security when it came to personal finance.

By contrast, scandal-hit British banking giants like RBS, Barclays and HSBC are failing to set Britons' minds at rest.

Fewer than one in ten believe their bank offers "the best value for money", and just 37 per cent felt they received "good customer service".

Michael Ossei, personal finance expert at uSwitch, said: "It is a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no previous banking experience."

And Louis Brooke, from campaign group Move Your Money, told the Daily Mail: "For years, the big banks have not bothered competing in the current account market and instead made it as difficult as possible for customers to switch whilst swindling them for everything they can.

"The banks contempt for their customers is finally coming home to roost."

Would you trust the likes of John Lewis to look after your money or are you happy to stick to the big banks? Leave your comments below...