Savers still want passbooks and branches

• Over a quarter (27%) people visit their local branch at least once a month
• One in five (22%) prefer in-branch service for their day-to-day banking needs
• Over half a million Yorkshire Building Society members use their passbooks on a regular basis

New research released today from Yorkshire Building Society shows that providing customers with the ability to transact through their channel of choice is still vital.

A survey of 2,000 people showed that although the majority of Brits prefer to operate their finances online (57%) or via an organisation’s app (47%) over a fifth (22%) said they still prefer visiting their local branch to complete their banking, with that figure rising to almost a third (31%) of those aged over 55. Over a quarter (27%) of UK adults confirmed that they visit their local branch at least once a month.

Yorkshire Building Society’s own data shows over half a million members used passbooks for their savings accounts at a branch last year[i]. Although passbooks – a physical record of money paid into or taken out of a savings account - might be associated with older people or years gone by, the research showed 16% of people still hold a passbook, with that figure increasing to over a quarter (27%) of those aged 18-34.

When it comes to more complex financial needs, over a quarter (27%) of Brits would prefer to seek information from someone face to face in a branch compared to a third (36%) using websites and 27% opting to find out information via an organisation’s app.  The research also shows when it comes to shopping around for a savings provider, over a quarter (26%) of people cited having the ability to visit a local branch as the most important factor.

Chris Irwin director of savings at Yorkshire Building Society said: “Helping people to save and to build up financial resilience is a key part of our purpose at Yorkshire Building Society. As this research shows, offering customers a choice of access is vitally important. Digital adoption has understandably sped up as a quick and easy alternative to face-to-face contact, especially during recent years, but we know a large amount of people still value in-branch banking and physical records.

“Making savings accessible for our customers in a way that best suits them, be that in one of our branches, online or via our app, supports our aim to continue to provide real help to our customers and members.”