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Bank Account News
Lloyds TSB: Over a quarter to switch current accounts - 03/09/2007
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More than a quarter of UK consumers (28 per cent) who plan to sort out their finances this autumn intend to switch current accounts, a new study shows.
Research by bank Lloyds TSB found that, as children head to school, adults are reassessing and making plans, with one third of those planning to move their account (35 per cent) seeking an account with a higher credit interest rate.
Many adults use the summer months to reassess their lives, with 36 per cent planning to improve their financial situation in autumn, compared with 56 per cent who want to get fit and 34 per cent who want to spend more time with loved ones, the report indicates.
Almost half (46 per cent) of respondents looking to boost their finances place changing their credit card at the top of their list of financial priorities and 31 per cent want to tackle an uncompetitive insurance policy.
Ian Larkin, Lloyds TSB managing director of consumer banking, said: "Time and again, people tell us that sorting out their finances is a top priority, but many overlook the difference that a competitive current account can make to their finances. Switching your current account can seem like a daunting prospect but in reality, it couldn't be simpler."
A recent study by Datamonitor found that overdrafts are becoming increasingly popular with consumers in the UK as an easily available form of credit, boosted by growing competition within the current accounts market.
© Adfero
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