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.