Conservative customers are preferring to stick with what they know, rather than switching card providers to benefit from attractive rates.
The "rate tart" trend might be over - with people becoming less willing to shop around for the best-value offers for credit cards and other financial products.
According to research from Lloyds TSB, released today, 70 percent of customers say that they are prefering to stick with a bank they "know and trust" at the moment, rather than playing the market for more attractive deals. Correspondingly, 66 percent said that they were currently looking for credit card and other deals which are competitive long-term rather than "market leading in the short term".
This newly conservative attitude was blamed by the bank on the credit crunch, the global financial crisis which has put the squeeze on many household budgets. The Lloyds TSB poll showed that 40 percent were currently keeping a closer eye on their finances than they usually did, due to these concerns.
Commenting on the findings, Catherine McGrath, director of current accounts at Lloyds TSB said: "Rate tarts are becoming a thing of the past, but, that's not to say that people are willing to settle for paltry interest rates.
"In the current uncertain economic climate, consumers are turning to brands they trust and are seeking good deals that last rather than headline grabbing rates which are only around for a short time then fade away."
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