UK Money News
8th February 2008
New current accounts welcomed by uSwitch
Competitive new current account offerings from HSBC and Alliance & Leicester have been welcomed by a price comparison site.
Recently, HSBC and Alliance & Leicester confirmed that they are to increase in-credit interest rates to 8.5 per cent eight per cent respectively on selected accounts.
The firms’ moves were welcomed by Mike Naylor, personal finance expert at uSwitch.com, who dubbed them "a breath of fresh air" at a time when "current account providers [are using] never ending tactics to squeeze more money out of consumers".
Mr Naylor attributed the competitive deals from banks to increased competition among current account providers for business and the need to introduce eye-catching offers to persuade consumers to switch providers.
He said: "Convincing consumers to switch current accounts is still an uphill struggle. The switching market relies heavily on providers’ innovative marketing tactics to offer best buy rates or, in some cases, the carrot of hard cash."
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