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Newly conservative mood spells end for the 'rate tart'

People are becoming less willing to switch providers in order to get the best rates due to the current financial climate, new research has suggested.Lloyds TSB released a study today, showing that 70 per cent of customers are currently preferring to stick with a bank they "know and trust" rather than one which offered attractive headline rates.Further evidence for the decline of the "rate tart" comes with another finding of the research, which found that 66 per cent were looking for rates which remained competitive in the long term, rather than those which were "market leading" in the short term.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."Lloyds TSB found that around 40 per cent were currently keeping a "closer eye" on their finances than they were before, following the onset of the credit crunch.

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