Consumers ‘don’t trust’ supermarket banking

More than 60 per cent of consumers would not trust their local supermarket with their savings account, according to research released this week.

The figure is revealed in an omnibus study of consumers’ attitudes to new credit cards and loyalty schemes conducted by RSL Research, called Strategic Initiatives Monitor (Simon).

It is the first time the survey, which questions 1,000 people monthly, has asked: “If your local supermarket offered a savings account would you trust them with your money?”

The most trusted supermarket was the Co-op, with 52 per cent of people saying they would deposit savings.

Waitrose, which has no financial services on offer, was next with 51 per cent, followed by Sainsbury’s on 50 per cent, Tesco on 44 per cent, Asda on 37 per cent and Kwik-Save and Somerfield on 27 and 25 per cent respectively. The average support was 38 per cent.

“Even the most trustworthy supermarkets – in terms of the survey – only got just over 50 per cent approval,” says RSL director of financial services Adrian Gammon. “I would interpret this as suggesting that people are sceptical.”

The Sainsbury’s Bank claimed to have received 100m in deposits in its first ten weeks of offering savings account facilities earlier this year.

Latest from Marketing Week

Influencers, consultancies and the recruitment crisis: The key topics of conversation at Cannes Lions

cannes lions

Cannes Lions 2018: Marketers turned out in force to advertising’s biggest annual event. But away from the usual talk of purpose and creativity, some big issues such as the recruitment crisis, how advertising responds to the #MeToo movement and cleaning up the influencer marketing space were discussed.

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here