Consumers are reluctant to switch their current accounts to supermarket banks, a survey reveals.
Retailers have failed to convince customers they would be better off putting their money with the supermarkets. Just 6% believe they would be a better choice than a traditional bank.
When asked to name their top three most trusted financial providers, only 2% named Sainsbury's Bank, while 4% cited Tesco Finance and M&S Money.
Top of the trust test was Nationwide, with 15% putting the building society in their top three, although the same proportion said they did not trust any of the 20 financial services firms listed and 30% said they did not know.
For more than 50% of the financial services firms listed in marketing firm Baber Smith's survey, less than 5% rated them as very trustworthy.
For 51% of people, the biggest factor in gaining trust was a firm's good reputation, while 49% opted for good customer service and 28% valued products that gave good results.
Only 19% of people considered clued-up staff to be most important, while 17% said ethical concerns topped their list and 12% were attracted by cheap deals.
