A national league of loyalty shows Brits are most likely to stick up for their mum and friends, while football, supermarkets and financial services also help make up their top ten allegiances, research from Nationwide Savings shows.
The Society looked where Brits pin their hopes, expectations and dependencies as part of a wider view on the concept of loyalty.
As an organisation owned by its 15 million members, Nationwide believes rewarding membership is important and tomorrow (7 June) launches a range of 2 and 5 year Loyalty Bonds and Fixed Rate ISAs for members who have been with the Society for over a year, offering the best rates of any major high street provider.
Nationwide’s research shows that more than 50 per cent (53%) of Brits have been with their current financial services provider for 10 years or more. By comparison, only 39 per cent have supported their favourite band or artist for the same amount of time, while just a quarter (26%) of customers have been with their mobile phone provider for a decade or more and 15 per cent have been with their gas and electric supplier for that long.
UK Loyalty league:
According to the survey of 2,000 UK adults, more Brits said they were loyal to their close friends than to many of their own family – except for their mum. As could be expected, football also features highly on the list, with a quarter of people (25%) indicating their loyalty for their team (see gender split below). Local pride also shines through, with 23 per cent having an affinity with their home town. Supermarkets and banks/ building societies are the only services making the top ten, the poll shows, outlining the important role they play in our day-to-day lives.
Loyalty gender split:
There is general consensus what men and women are loyal to, although some notable differences. The biggest split relates to supporting a football team, where around four in ten (40%) men pledged their loyalty compared to one in ten women (10%).
Additionally, a quarter of men stated they were loyal to their pets (24%), versus more than a third (37%) of women. Equally, just eight per cent of men rated the hairdresser as someone they were loyal to, versus more than a fifth of women (21%), indicating men are perhaps less fussed about having consistency of coiffure. The poll shows less than one in 20 men and women said they were loyal to work colleagues (5% - women vs 4% men).
Nationwide Loyalty Bonds/ Fixed Rate ISAs:
Nationwide’s new range of 2 and 5 year Loyalty Bonds and Fixed Rate ISAs reward the loyalty of members who have been with the Society for a longer period of time, offering the following rates:
Loyalty 2 Year Fixed Rate Bond / e-Bond – 1.10% AER/gross
Loyalty 2 Year Fixed Rate ISA – 1.10% AER/tax-free
Loyalty 5 Year Fixed Rate Bond / e-Bond – 1.65% AER/gross
Loyalty 5 Year Fixed Rate ISA – 1.65% AER/tax-free
The Society is also launching a new 1 Year Fixed Rate Bond / e-Bond paying 0.75% AER/gross and a 1 Year Fixed Rate ISA paying 0.75% AER/tax-free. All other bonds and fixed rate ISAs will be withdrawn from sale at close of business Tuesday 6 June.
Tom Riley, Head of Savings at Nationwide, commented: “Loyalty is a unique concept – we admirably support our favourite football team and stick with friends and family through thick and thin. This is because they reflect a set of values that we can relate to and the knowledge that they are always there for us.
“Our research shows that over half of us have been with our financial services provider for a decade or more. Over the last year Nationwide recognised this loyalty by giving its members a £505 million boost, which included keeping its savings rates higher than the market average.
“We are continuing this by launching a range of Loyalty Fixed Rate Bonds and Fixed Rate ISAs, offering the best rates of any major high street provider2 .
“Wherever people’s loyalties lie, it’s still good to get something back every so often.”