During October, consumers researching finance products spent most of their time searching for loans, mortgages and credit cards.
Digital marketing company, Greenlight, found that of the 3.6 million who searched retail banking-related queries, 69% pertained to borrowing. It was a 6% increase from July’s 2.4 million to 2.5 million last month.
According to the Retail Banking - Issue 18 report, queries where consumers searched for details on savings and investments dropped by 18% in the same period.
Borrowing costs behind increases
The agency puts this down to news of low borrowing costs and British lenders approving the most mortgages in over five years. Even rates on personal loans have dived below the 5% a year mark.
Six out of 10 searches were for mortgage information. ‘Mortgage calculator’ was the most popular search term, totalling 550,000 searches. Savings and investments contributed 22% of overall searches, with October’s 823,000 falling below July’s one million search volume.
Phrases such as ‘best interest rates’ and ‘fixed savings bonds’ were two of the highest in the savings and investments category. Both managed 18,100 searches for the month of October.
Moneysavingexpert.com won the fight for most prominent site in the organic listings thanks to a 72% share of visibility. It showed in 2.6 million searches. The most visible in the paid listings was moneysupermarket.com off the back of a 78% share.