Customer loyalty across the financial services and retail sectors has slumped to rock bottom.

A survey by accountants KPMG found loyalty "could hardly get any lower" with consumers only retaining links to organisations through apathy.

Only two per cent of respondents said loyalty cards meant they always stayed faithful to the brand and never shopped around.

Only 16 per cent of borrowers expected to keep their mortgage with their existing lender if they moved house.

Simon Walker, a partner in KPMG's financial services practice, said: "In tough market conditions, customer loyalty is vital. Financial and retail organisations could find it harder than ever to hang on to customers.

"Customers will do whatever is easiest, whether it be in financial services or shopping. Failing that, they will do nothing."

When asked which were the commercial organisations with which they had the most personal relationships, respondents put current account providers and supermarkets on top, with 32 per cent and 29 per cent respectively.

But only three per cent of respondents named mortgage providers as their closest relationship. Only a quarter of respondents definitely ruled the possibility of remortgaging with a different provider.

A mere six per cent said feelings of loyalty or guilt might prevent them from switching lenders.

Loyalty cards were seen as a nice bonus but with little real influence on behaviour - 46 per cent said they still shopped wherever was most convenient.

More than a quarter - 29 per cent - said they would prefer lower prices to a loyalty card while ten per cent dismissed them altogether as a gimmick.