Research conducted among 4,781 UK customers of building societies, other mutuals and banks revealed that 31% more of the former believe they can trust their provider to act in their best interests.

When asked whether their provider offers good value for money, 30% more mutual customers than plc answered in the affirmative, while 25% more say they would recommend their mutual provider to friends and family than plc customers.

When asked whether their provider was an important part of their community, 24% more mutual customers than plc said this was the case.

Vince Cable, secretary of state for business, said:

“Building societies have historically played a big role in financing homeownership and represent longstanding, responsible means of homeownership.

“There is a strong case for a more varied banking sector and those mutual which resisted the lure of conversion to plc banks continue to provide a different business model…without the pressures to produce shareholder returns.

“They have a noble record of helping people get ahead, and are surely a key part of our future.”

The YouGov research forms part of a report on mutuals’ role in local economic and community development, to be presented to members of the Treasury Select Committee later today.