British savers are increasingly losing trust in banks, with new research revealing that many are unaware of a crucial legal detail.
The study, commissioned by gold-based savings platform TallyMoney, found that around 75 per cent of people believe they still own their money once it’s deposited, but in reality, banks become the legal owners.
Advertisement
Over half (52 per cent) of Britons believe banks lack transparency about what happens to their deposits, research showed.
This lack of consumer confidence comes amid stubborn inflation and persistently low interest rates, both of which continue to erode the value of traditional savings.
Join the conversation as a VIP Member