Bank Account News

Worried Britons advised to switch current accounts by Alliance & Leicester - 03/09/2007

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Consumers in the UK have been advised to alleviate their financial concerns by switching current accounts by Alliance & Leicester, following the bank's release of a survey showing that one-third of Britons worry about money several times a week.

Head of current accounts with the institution Andy Bayes said that consumers should not worsen their financial situation by overspending, but should instead draw up a budget and make cutbacks to their spending.

However, Mr Bayes maintained that customers with current accounts that offer low rates should switch to maximise their financial potential.

"Considering the time people spend worrying about money and the lengths some will go to find more, it's surprising to see that so many customers still remain faithful to the same bank they have been with for years, which pays very little in credit interest," he said.

His comments come as a study from Lloyds TSB shows that 28 per cent of people intend to switch current accounts this autumn.

The bank's study indicates that 18 per cent of UK consumers worry about their finances every day, while 40 per cent are concerned about money during the run up to a holiday and 33 per cent find their troubles are heightened as pay day approaches.

While 62 per cent of respondents cut back on luxuries to alleviate monetary pressures, 37 per cent sell belongings and 34 per cent work overtime or in a second job.

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