Friday 14th September 2007
A major objective of banks is to please their shareholders, according to Nationwide.
The building society argues that the headline rates offered by many banks are aimed at reaching the top of best buy tables.
But building societies are able to offer deals with good long-term benefits, the financial institution adds.
"We offer long-term good value on our savings products by not luring customers in with introductory deals only to end them soon after the account has been opened," asserts executive director Stuart Bernau.
"Some banks deliberately price their products to achieve an entry in best buy tables - many of these products fail to offer long-term good value," he adds.
However, the British Bankers Association reports that most consumers are satisfied with the service they receive from banks.
The organisation cites research from JD Power and Associates which shows that almost three-quarters of customers would recommend their bank to a friend.
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