Credit crunch fault of Martin Lewis ?

Credit crunch fault of Martin Lewis ?

Many years ago when I first started saving I opened an account with my local building society, I had no idea what the interest rate was, didn’t know how competitive they were and didn’t join up with them for any other reason than they were my local building society and I felt my money was safe with them.

I dare say everyone else did the same in their locations and everyone was relatively happy with the services provided.

Then along come the money saving experts like Martin Lewis, savers are told move your account and you might get 1/4%  better interest, you might save 1p every time you write a cheque, you can have a free debit card etc.

Soon everyone was looking for cheaper and cheaper, the small independents no longer had their faithful customers and the big boys moved in.

A successful business mentor once told me, You should know when your business is in trouble when your major consideration is cost rather than service provided.

This seems to have been completely ignored by the banking sector, fueled by customers taking advice from Moneysavingexperts like Martin Lewis constantly switching between suppliers. Whatever happened to loyalty and relationships?

Is it any wonder we are now feeling the effects of the credit crunch? the small independants who used to have loyal customers are all but gone because people just looked for the cheapest.

The ridiculous thing is, money saving experts get obsessed with finding a deal that may only be paying 1/4% more than where people had previously always saved, the amount of savings might be as little as £2000 so in fact by switching the customer is as little as £5 a year better off.

Will the days of having a small local bank or building society come back? with loyal customers who feel their money is safe and a manager who the comunity knows by name. If they do we may all get back to saying it’s a wonderful life and next time the bell rings at the stock exchange it may be that an angel has won his wings.

1 Comment to Credit crunch fault of Martin Lewis ?

1. 

   Agree and of course he pockets commission everytime a customer switches on his say so. His site is the ultimate in selfish capitalism.
Mrs Procter on October 17th, 2008

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