Big banks beware – one in four of your customers is prepared to switch to your competitors to get a better deal.

The figure grows to 40 per cent among Australians aged between 20 and 34, according to a survey commissioned by the Customer Owned Banking Association released on Monday.

“For too long consumers have either sat on their hands or thrown them up in the air in despair but it now appears people are prepared to vote with their feet,” COBA boss Mark Degotardi said on Monday.

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The survey found that 61 per cent of customers at customer-owned banks said they were “very satisfied” with their bank, compared with 28 per cent of customers at the big four banks.

Interest rates, fees and charges, honesty and trust and customer service were the most important features for people when selecting a financial institution.

The survey was conducted before recent home loan interest rate rises were announced by the big four banks.