State-backed banking brand National Savings and Investments (NS&I) is the most trusted high-street bank in the UK, according to research from Mintel. NS&I was found to be trusted by one in four adults (25%), while the average among its competitors is just 16%.
Mintel says that beyond Government backing, consumers are most likely to trust an “old fashioned” approach to banking. Nationwide and Lloyds TSB are among the highest-rated, with 20% and 18% of consumers saying they trusted the businesses respectively.
Mintel senior finance analyst, Toby Clark, says: “The security offered by the Government’s backing is hugely attractive in today’s more uncertain times. This is confirmed by the fact that NS&I has had to trim rates as too many savers have turned to them, desperate for a safe home for their money.”
Overall, however, consumers are less trusting of the financial system. In 2007, 33% trusted a major high street banking brand, compared to just 16% by September this year.