Leading high-street banks are being accused of offering products which are
“appalling value for money”.
Which?, the magazine for the Consumers' Association, analysed mortgage,
investment and insurance products offered by eight leading high-street
players and found they were all guilty of cross-selling poor- value
products across the range.
The report, which featured Abbey National, Barclays, First Direct, HSBC,
Lloyds TSB, NatWest, Royal Bank of Scotland and Nationwide Building
Society, concluded that all eight institutions were cross-selling products
which were leaving consumers out of pocket and in some cases “were nothing
short of a rip-off”.
The report found families could be wasting as much as £1,000 a year by
buying products from Barclays and NatWest rather than choosing products
from its best buys.
It awarded the wooden spoon for consistent mediocrity of products to
Barclays but says the other seven institutions featured “were not much
Which? editor Helen Parker says: “Our research proves that most big banks
offer appalling value for money.”