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2002

Current Account Apathy Costs Customers MIllions

2001

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Current Account Apathy Costs Customers MIllions

25 million Britons could save about £500 million a year by switching their current accounts from the Big Four banks to internet and high street alternatives, so says Which? Magazine.

With better interest and overdraft rates available elsewhere, the only thing keeping most people with Barclays, HSBC, Lloyds TSB and NatWest would appear to be inertia.

The Which? survey of 927 current account holders found 64% had never considered switching banks.

But when those who had switched were asked if they had found it easy &ldots; 73% said they had.

With the biggest banks paying virtually no interest on their current accounts, Which? editor Helen Parker, urged people to "vote with their feet".

Unless consumers do start switching their current accounts, what reason have the big banks got change?

The answer. NONE.

 

 

Published Friday May 3rd 2002

 

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