Over a third of consumers have moved their savings account, credit card or current account because of poor customer service, according to a new survey.

Moneyfacts research found more than 33 per cent of customers have moved accounts and the same number have avoided a particular financial provider based on a friend's bad experience.

The Financial Ombudsman Service has also seen a 31 per cent increase in the number of disputes last year, taking the total to 120,000.

The research seems to suggest that it is not all about interest rates, with customer service is a high priority for consumers.

"It's not just a case of the price being right because more often than not it's other factors that cause dissatisfaction, such as customer service, poor websites or even a lack of high street branches," said Sean Gardner, chief executive MoneyExpert.com.

"Taking out a financial product is, in effect, beginning a relationship, sometimes lasting many years."