Good Money Guide’s 2026 Banking Survey reveals that trust in UK banks remains surprisingly strong, despite concerns about branch closures, the growing use of artificial intelligence and the returns customers receive on their savings.
More than eight in ten customers said they trust their main bank completely or mostly to act in their financial interests.
However, customers remain highly sensitive to interest rates, with better savings rates by far the biggest factor that could persuade people to switch banks.
The research also suggests that customers are not ready for banking to become entirely digital. Almost six in ten would prefer to deal with a person rather than AI when contacting their bank, while nearly two-thirds are concerned about bank branch closures.
2026 Banking Survey Key Findings
- 80.8% trust their main bank completely or mostly
- 49.7% completely trust their main bank
- 5.9% actively distrust their bank
- 35.5% would switch banks for better savings interest rates
- 30.7% say nothing would persuade them to switch
- 57.7% would prefer a person rather than AI for banking customer service
- 63.1% are fairly or very concerned about bank branch closures
- 70.2% chose trust, customer service or interest rates as the most important factor when choosing a bank
81% of Customers Trust Their Bank
Despite regular criticism of banks over savings rates, branch closures, fees and customer service, the survey found high levels of trust among customers.
Almost half (49.7%) said they completely trust their main bank to act in their financial interests, while another 31.2% said they mostly trust it.
Only 5.9% said they trust their bank “not very much” or “not at all”.
How much do you trust your main bank to act in your financial interests?
| Response | Percentage |
| Completely | 49.7% |
| Mostly | 31.2% |
| Neither | 13.3% |
| Not very much | 4.6% |
| Not at all | 1.3% |
The findings suggest that banks may have stronger relationships with their existing customers than negative headlines about the sector might imply.
There were almost 14 times as many respondents expressing trust in their bank as those expressing distrust.
That level of trust may also help explain why persuading customers to switch current accounts can be difficult. Banks are not necessarily competing for deeply dissatisfied customers; they are often trying to persuade people to leave an institution they already trust.
Better Savings Rates Beat Switching Offers
When people were asked what would most likely make them switch banks, the most popular answer was better savings interest rates.
More than a third (35.5%) said a higher savings rate could persuade them to move.
However, almost as interesting was the proportion of customers who do not want to switch at all. Some 30.7% said nothing would make them change bank.
What would most likely make you switch banks?
| Reason | Percentage |
| Better savings interest rates | 35.5% |
| Nothing would make me switch | 30.7% |
| Cash switching bonus | 11.3% |
| Better customer service | 8.3% |
| Access to branches | 6.8% |
| Better app/online banking | 3.5% |
| Lower fees/charges | 2.4% |
| Better fraud protection | 1.5% |
The results indicate that rate beats reward when it comes to convincing customers to move.
People were more than three times as likely to select better savings rates as a cash switching bonus.
Technology also appears to have relatively little influence on switching behaviour. Just 3.5% said a better app or online banking service would be the main reason they moved.
This suggests that while banks may compete heavily on app functionality and introductory incentives, customers remain primarily interested in what they receive on their money.
Banking Customers Prefer Humans to AI
Artificial intelligence may be transforming financial services, but customers remain cautious about allowing it to replace human customer service.
Some 57.7% said they would prefer to deal with a person rather than AI when contacting their bank.
Another 29.8% said they would be happy to use AI, but only for simple queries.
Just 9.2% said they would be comfortable using AI for most banking queries.
Would you be happy dealing with AI rather than a person for banking customer service?
| Response | Percentage |
| No, I would prefer a person | 57.7% |
| Yes, but only for simple queries | 29.8% |
| Yes, for most queries | 9.2% |
| Not sure | 3.3% |
Overall, 87.6% either want to deal with a person or would restrict AI to relatively simple banking enquiries.
The results do not necessarily suggest that consumers reject AI altogether. Instead, they indicate that customers see a distinction between routine tasks that can be automated and more complicated financial issues where access to a human remains important.
For banks, the challenge may therefore be using AI to make customer service faster without making it more difficult for customers to speak to a person when they need to.
Bank Branch Closures are a Major Concern
The decline of physical banking remains a concern for a significant majority of those surveyed.
A third (33.4%) said they were very concerned about bank branch closures and another 29.7% said they were fairly concerned.
Combined, 63.1% are concerned about the continued disappearance of branches.
How concerned are you about bank branch closures?
| Response | Percentage |
| Very concerned | 33.4% |
| Fairly concerned | 29.7% |
| Not very concerned | 23.8% |
| I never use bank branches | 8.1% |
| Not concerned at all | 5.0% |
Only 5% said they were not concerned at all, while 8.1% said they never use bank branches.
There is also an interesting contradiction in the results.
When asked what would make them switch banks, only 6.8% selected access to branches. Yet almost two-thirds expressed concern about branches closing.
This may suggest that branches have an “insurance value” to banking customers. People may not visit them regularly or choose a bank primarily because it has branches, but they value knowing that face-to-face banking is available when something goes wrong or they need help with a more complicated issue.
The finding also complements the survey’s results on AI: customers appear comfortable with digital banking but remain reluctant to lose access to people altogether.
Trust Rules When Choosing a Bank
When asked what matters most when choosing a bank, trust and reputation came top, selected by 24.6%.
Customer service was close behind on 23.5%, followed by interest rates on 22%.
Together, those three factors accounted for 70.2% of responses.
What matters most to you when choosing a bank?
| Factor | Percentage |
| Trust/reputation | 24.6% |
| Customer service | 23.5% |
| Interest rates | 22.0% |
| Fraud/security protection | 8.1% |
| Quality of banking app | 7.6% |
| Fees and charges | 5.4% |
| Branch access | 5.4% |
| Rewards/cashback | 3.3% |
The results suggest that, despite the rapid digitisation of banking, the traditional fundamentals of banking remain more important to customers than technology and perks.
Only 7.6% said the quality of a banking app was the most important consideration, compared with 24.6% who chose trust and 23.5% who selected customer service.
Rewards and cashback came last, chosen by just 3.3%.
There is also an interesting difference between what attracts customers to a bank and what could persuade them to leave.
Trust and customer service are particularly important when choosing where to bank, while better interest rates are the strongest financial incentive to switch.
Customers Want Digital & Human Banking
Taken together, the Good Money Guide 2026 Banking Survey suggests that the fundamentals of banking have changed less than the technology used to deliver them.
Customers overwhelmingly trust their banks and a significant proportion appear reluctant to move elsewhere. But when there is a financial incentive to switch, better savings rates are considerably more powerful than cashback, apps or other perks.
At the same time, customers do not appear ready for banking to become entirely automated.
Almost 58% would prefer to deal with a person rather than AI, while 63% are concerned about bank branch closures.
For banks investing heavily in apps, automation and AI-powered customer service, the research suggests that technology alone may not be enough to win or retain customers.
Customers want the convenience of modern banking, but they still place the greatest value on trust, service and getting a competitive return on their money.
About the research
The Good Money Guide 2026 Banking Survey was conducted as part of the Good Money Guide 2026 Banking Awards. Percentages have been rounded to one decimal place.
Journalists and publications are welcome to reference the findings and tables from this survey when crediting Good Money Guide’s 2026 Banking Survey as the source.
For commentary on the findings, UK banking, savings rates, banking customer service or consumer banking trends, contact Good Money Guide.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
