Brits choosing supermarkets for financial services?

Consumers appear to be choosing supermarkets for financial services over products on offer at high street banks.

Britons are turning to their local supermarket for financial services as opposed to their banks, it has been revealed, which could mean budget planning using price comparison sites has found grocery brands offer more competitive packages.

According to Michelle Slade, spokeswoman for Moneyfacts.co.uk, although such stores are only offering a select number of such products, what they are selling to consumers is topping best buy lists owing to customer satisfaction.

She noted that one of the reasons supermarkets are winning against high street banks is because the shops are offering some of the best deal around, with excellent packages for introductory purchases and balance transfers.

In addition, Ms Slade noted, there are also rewards schemes that go hand-in-hand with buying one of these packages at a grocery brand, because choosing one of the products the shop has to offer could mean the customer gets store points in return for their club card.

"For most people their first port of call when looking for a loan is their bank; actually they should be looking at the supermarkets because they are offering a much better deal to customers," she explained.

In addition, the expert noted that in some sectors in particular the grocery brands appear to be doing very well, particularly with the personal loan market, which she claimed was Tesco and Sainsbury's arena as the two stores have been battling for first position in terms of best buys.

She noted that supermarket loans are also a lot cheaper than those financial services on offer from the high street banks and claimed they also have competitive rates in the savings market also.

"If customers are looking for an easy access savings account, or in some other cases a bond, they've got some competitive rates there as well. They're certainly laying down their gauntlet even similarly with their credit cards," Ms Slade remarked.

Her comments follow the latest Moneywise Great British Customer Service Survey, which found that new players from the high street retail sector are winning customers with their financial services due to loyalty and trust.

Marks & Spencer, John Lewis, Tesco and Sainsbury's have all made their mark in this arena, the study revealed.

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