More than five million customers are more dissatisfied with their bank than this time last year, research has revealed.
Banker bonuses have barely been out of the headlines recently, leading to a negative view of many high street banks.
The research, carried out by ethical bank Triodos, found that 30% of customers blame excessive profits and bonuses for their dissatisfaction with their bank.
Other factors, such as customer service and products available, contributed to more than 5.6 million customers becoming more dissatisfied with their bank than last year.
And worryingly for the banks, the research found that 18% of customers ñ almost nine million people ñ would not recommend their bank to friends or family.
Four out of ten of those said they would not recommend their bank due to its poor customer service, while 24% blamed excessive bonuses as a reason not to recommend.
ìSurely it should be possible for banks to do more and make things better for their customers and for society as a whole,î said Huw Davies, Head of Personal Banking at Triodos Bank.
ìMore than a tenth of people we surveyed are more dissatisfied with their bank than last year, and nine million people wouldn’t recommend it.î
But despite so much dissatisfaction, many customers are not switching banks out of convenience. The research found that one in eight people have been with the same bank that their parent set them up with when they were a child.
It was also found that a quarter of Brits chose their bank because it was close to work or home, regardless of rates or business model.
ìWith so many Brits feeling fed up and dissatisfied with banks at the moment, we’d like to challenge people to vote with their feet, and move their savings to a better bank,î added Mr Davies.
If you are thinking of switching banks, you can compare things like current accounts with Money expert.