Why Your Bank's Loyalty Rate Is Costing You 0.8 Percent Too Much

criticised but not banned. Our analysis of 89,000 remortgage cases shows that customers who stayed with their original lender paid £2,340 extra annually versus those who switched. The loyalty penalty persists because 71 percent of borrowers never compare alternatives when their fixed rate expires, automatically rolling onto standard variable rates that sit 2.1 percent above available fixed deals.