We Don’t Trust Our Banks

A recent survey by Fool.co.uk highlighted how we do not trust our banks with our money.

The survey claims that 66% of people who bank with the “Big 5” banks (HSBC, HBOS, ) don’t trust their banks to sell them the right product, whilst one in eight also claim that their banks have actually mis-sold them something.

Whilst this doesn’t come as a complete surprise, it’s worth mentioning the point that banks are often tied in the products they can recommend, and so even though there may be better mortgages, loans, insurance etc. on the market, they cannot sell them to you. This is why you should always find a provider or broker who can offer you a search of the whole of the market.

For many, their bank or building society is the first port of call for financial products, but the rise of comparison sites such as MoeySupermarket.com make comparing products much easier than before.

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2 thoughts on “We Don’t Trust Our Banks

  1. Went into Barclays today with my wife as she is looking for a small loan to pay off a credit card bill (30% APR with the loan sharks at Lloyds) and reduce the monthly interest payments so that she can actually clear the debt. Barclays were full of smiles and bon-homie but I saw the change in mood when the advisor realised I wasn’t a dope. 19.9% APR over 3 years folks! That’s right. 19.9% APR for a frigging bank loan. She even suggested we remortgage with them as an option. Un-bloody-believable. And these shysters wonder why we don’t trust them? Apalling advice. Truly appalling. I banked with Barclays years ago and see they haven’t changed. Use them at your peril… p.s. where you can…barter, don’t buy. Without your taxes the undemocratic EUSSR will fold up on itself. Our day is coming and I hope the banksters and puppet MPs are shaking in their bloody boots.

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