Consumers choosing financial security over rates or service

92% of respondents said knowing that their money and personal details are safe was the most important, ahead of 88% who chose interest rates and 86%n who valued good customer service.

The biggest concern for over a third (35%) of people is the threat of direct theft through online hacking.

When asked what would help consumers trust their bank or savings provider more when it comes to security, nearly nine in ten (89%) say they want to see further investment in security technology and 88% want their bank or savings provider to regularly update its security procedures.

In addition to this, nearly six in ten (57%) would trust their bank or savings provider more if it offered biometric authentication.

The research also found that when it comes to seeking higher returns in a low interest rate environment, nearly one in five (19%) 18-34 year olds would consider riskier savings and investment products which offer higher rates of returns but less protection, compared to only 5% of over-55s.
 
Across the UK, two thirds (66%) of respondents would not consider using a savings provider that is not covered by the FSCS, even with the opportunity to benefit from higher interest rates.

Simon Healy, Managing Director - Savings, Aldermore, said: “We are starting to see a change in perception when it comes to the factors impacting the decision of choosing a bank and savings provider, it is encouraging to see that consumers value security of their savings above all else.

"It is perhaps reflective of both the rise in online banking and the recent low interest rate environment that security is now an even more important consideration for consumers than simply a leading interest rate. Our research also highlights the important role that the Financial Services Compensation Scheme plays in reassuring customers that their savings are protected."