UK Money News
28th February 2008
Consumers can bank on competitive choices
Consumers should exercise the choices available to them when considering opening a new bank account and devise a 'mental shopping list'.
That is the advice of the British Bankers' Association (BBA), which says that the level of competition between different financial institutions meant there were more options than ever.
Brian Capon, a spokesperson for the BBA, commented: "When opening any account, regardless of who it is with – a British bank or a bank that is based abroad - you need to really decide what it is that you want from that bank overall.
"You should do a shopping list – write down what it is you want the account to do for you; do you want a current account, or a deposits and savings type of account?
"Also, you may need to look beyond the headline rate when looking at choosing a bank; are there any limitations or conditions to getting that interest rate, such as only making a limited number of withdrawals? It's important to look at a number of things to decide which account is suitable for you."
"Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings," he added.
In January, National Savings and Investments said its Century of Saving report showed more Britons were saving than ever before, with total savings increasing 31 per cent in real terms since 2000.
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