In light of the latest banking scandals it’s probably no surprise that the spotlight has been firmly pointed at the banks and whether now, more than ever, it’s time to jump ship and move your money away. The BSA (or the Building Society Association to us) has announced an estimated 30% increase in customer interest in opening an account with a building society, with many of its members (the aforementioned building societies) reporting a “jump in account openings”. Added to that, it’s no surprise that many people are looking to more ethical banks, such as the Co-op, in order to steer clear of the high street banks, or certainly those mixed up in the current rate fixing (LIBOR) debacle. The Co-op, for example, has already seen a 29% increase in online current account applications.
It remains to be seen what the long term effects of these scandals will be, and if it prompts customers to move in their millions, but one thing’s for sure - it’ll certainly take a long time for banks to regain their customers' trust.