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Bank Account News
Defaqto: Shop around for current accounts - 04/09/2007
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British consumers should shop around to ensure that they get the best possible deal on their current account, a financial research company claims.
According to Defaqto, current accounts should be regularly reviewed, particularly as competition in the current accounts market increases and opportunities for account switching increase.
With financial services providers battling to retain their share of the current account market in the UK, Lloyds TSB has become the latest provider to boost its credit rate, to 6.4 per cent.
Other current accounts offering a high gross annual equivalent rate on credit balances are said to include the Alliance & Leicester Premier 21 at ten per cent, for those aged 16 to 21, Abbey Current Account, which offers eight per cent on balances up to £2,500 and Alliance & Leicester's Premier Direct Current (6.5 per cent).
David Black, Defaqto principal consultant, said: "Now that it's possible to switch current accounts relatively easily it's worth reviewing your current account to ensure that you're getting the best deal."
A recent study by Alliance & Leicester Current Accounts suggested that one in three British adults (30 per cent) worry about money several times each week, with 18 per cent fretting about their finances every day.
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