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Building societies seen to offer more competitive rates as interest rates rise

Every six month the BSA commissions YouGov to ask around 2,000 people about their customer service experience at their Bank or Building society. 

Every six month the BSA commissions YouGov to ask around 2,000 people about their customer service experience at their Bank or Building society.

With interest rates rising across both the mortgage and savings market it is important for firms to treat their customers fairly, providing good value to existing customers whilst attracting new ones. The latest results suggest that building societies are doing just that. In July 2022, over three quarters (77%) of building society customers said their provider offered competitive rates. This compares to just 58% of bank customers, an 18 percentage point difference. 

In fact building societies came out on top across all seven measures of customer service compared to banks, which they have done since the survey begun in 2016. Looking at the headline measure, nearly 9 in 10 (89%) of building society customers said their provider offered good customer service, compared to just 80% of bank customers.  This high score for building societies has remained relative unchanged since the survey first started in July 2016.

Notes

Results are calculated by the BSA and excludes those who said ‘don’t know.’ Based on 532 building society customers and 1,583 customers of other financial service providers.

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2175 adults. Fieldwork was undertaken between 7th - 8th July 2022.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).