When it comes to savings, trust is key

In a survey of almost 1,000 consumers across the UK, Chelsea Building Society found that, during times of market uncertainty, online systems, telephone services and gimmicks are no longer of primary consideration for today's savers. Instead, research suggests that, while 51% of savers still scour the market for the highest interest rate and easiest access to their savings, 50% also make their final decision based upon the amount of trust they have in the provider.

Digging deeper, Chelsea discovered that savers' rated response rates most highly (62%), closely followed by well trained staff (62%) and friendly service (61%) as key components for trustworthiness. Provider's longevity in the savings arena however, scored less highly at 37%.

Call centre staffing is also a bone of contention. Further findings showed that being able to speak directly to a member of staff in the UK rated highly for gaining savers trust. Not being able to speak with staff in the UK is of greater annoyance for women than men, with 68% ranking this as their top reason not to trust a provider compared to just 55% of men, who believed well trained staff (60%) was the most important ingredient for trust.

Darren Stevens, Director of Customer Services at Chelsea Building Society, commented; "Despite the efforts providers put into promoting innovative online and telephone systems and the gimmicks they employ to entice savers, our recent research shows that these are having little effect upon today's consumers.

"As the market continues to tighten and costs increase, savers need to know that the money they can actually afford to save is with a trusted provider. At Chelsea we understand consumers' growing concerns and with knowledgeable staff members and call centres based in the UK, we are already offering savers the qualities they now require in a savings provider."