Consumers are tired of the scandals surrounding traditional high street banks and would rather hand their money to trusted shops instead.
Three quarters of consumers would trust the department store John Lewis with their banking needs, according to a survey by comparison website uSwitch.com. Other department stores were also popular with 25% and 23% of those surveyed saying they would like to bank with House of Fraser and Debenhams respectively.
While John Lewis and Debenhams both offer a limited array of insurance products, consumers would also trust some brands with no financial experience - one in four would be willing to bank with Amazon.
"It's a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no previous banking experience," says Michael Ossei, personal finance expert at uSwitch.com.
“Consumer confidence in banks has been battered these last few years and recent scandals and IT fiascos have done little to win customers back."
The country's leading supermarkets also proved popular banking choices, possibly due to the success of the Sainsbury's and Tesco banks. Forty-six % of those surveyed said they would bank with Waitrose, followed by Asda with 36% – even the value brands were considered by some people with 9% saying they would bank with Aldi.
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