STUDY | 
Finance
 BEHAVIOR CHANGE

Stimulating interest: Reminding savers to act when rates decrease

Zaliauskas et al. (2015)
Redis Zaliauskas,Laura Vale,Stefan Hunt,Paul Adams
Summary by 
BHUB

The FCA used a randomized evaluation to test the effect of the reminders in motivating consumers to switch their savings account. The study found that reminders increased the percentage of customers taking some action following the rate decrease, whether switching their account internally, or closing the account and moving to another institution, by between 5.4 and 7.9 percentage points.