63% trust challengers over high street | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.


Lieke Braadbaart

Online Writer
Published: 02/11/2018
white grey and black abstract pattern

Challenger banks appear to not only be the ones offering the best rates at the moment, but also those that savers trust the most. That's according to new findings from Hampshire Trust Bank, which show that 63% of customers now trust challenger brands more than the big five high street banks.

Given that conventional wisdom suggests consumers trust brands they are more familiar with and are likelier to give them custom – which is probably why the big brands haven't needed to up their rates much in the last few years – this new finding could indicate that more people are now familiar with these brands. Alternatively, they could be getting used to investing with lesser-known providers for the sake of a higher return.

"In the highly competitive banking sector, we are accustomed to the challenger versus incumbent narrative, so it is extremely encouraging to hear from savers that challenger banks are trustworthy, specialist and relevant in this evolving landscape," Stuart Hulme, director of Savings at Hampshire Trust Bank, commented. "The results also show that trust in banking has improved since the dark days of 2008. This is arguably being driven by challenger banks."

With 71% of survey respondents stating that they still think cash savings are the most effective when considering their investment options over the next five years, compared to 15% who selected equities and 4% who chose property investments, it's important that these cash savers manage to find the best returns. Luckily, it appears the majority are not steering away from the lesser-known names or restricting themselves to the high street, which means the whole savings market is open for them to choose from.


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

white grey and black abstract pattern


Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy