Customers say banks are 'disloyal'

BANKS are failing to reward existing customers' loyalty by consistently restricting the best new offers to new clients.

Two thirds of Britons believe they are penalised rather than rewarded for their loyalty by their bank as new customers are offered better rates on current and savings accounts.

However, consumers are starting to vote with their feet and a third of disgruntled customers have jumped banks in the last year, with the majority citing not being able to benefit from a deal offered to new customers. A further 20% of consumers are looking to switch in the coming 12 months.

YouGov, which carried out the research, also revealed consumers are also being switched off by companies that propel themselves to the top of best buy tables by offering short-lived, headline grabbing deals, with a third calling for simpler products.

ING Direct chief executive Lindsay Sinclair said: 'Consumers are fed up with missing out on superior deals offered to new customers and rightly believe their loyalty should be rewarded.

'We firmly believe that all customers should be treated equally and should expect to receive a consistent good rate rather than a headline grabbing rate which will be dropped as soon as they've signed on the dotted line.'