One in five people has changed their bank during the past two years because they were unhappy about the way they were treated, according to a survey.

Twenty one per cent of people questioned by YouGov for Deloitte, the business advice group, said they had moved their account after receiving poor service.

The research also found that the existence and accessibility of branches, along with face-to-face interaction, remained a key consideration for customers with more than half saying they would only place their savings in a bank with branches they could visit and 65 per cent saying they would only take out a mortgage after speaking with an advisor face-to-face.

People said they valued good service more than they do high interest rates, with 66 per cent saying they hold their current account with the bank that provides the best service, compared with only 30 per cent who have opted for the provider offering the highest interest.

Six out of 10 people also said they would be more likely to open a current account with a bank that had branches open during the evening and at weekends.

Neil Tomlinson, head of retail banking consulting at Deloitte, said: ”The importance of branches in the banking sector must not be underestimated.

”Branches remain the primary channel through which banks interact with many of their customers and any businesses considering expanding their remit to include banking services will need to incorporate a branch network.”

Ian Foottit, financial services strategy partner at Deloitte said: ”At a time when banking customers are more aware of their finances and are taking decisive action to source the best service, and with service-driven new entrants on the side lines, banks need to ensure that they are meeting these demands if they are not to run the risk of just competing on price.”