UK Money News
7th February 2008
Switch current account providers to save £180
Switching current account providers can bring a host of benefits, data from a price comparison site has shown.
According to Samantha Owens, head of personal finance at moneyfacts.com, while Britons have become "more savvy" about switching mortgage, credit cards and savings accounts, there is "a combination of reluctance and apathy when it comes to moving your current account".
However, those who do switch will find they that doing so could significantly improve the state of their finances, Ms Owens said.
She explained: "Analysis from moneyfacts.co.uk has revealed that if you have a healthy balance in your account you could make over £180 in interest by switching accounts.
"If you have a typical current account from one of the largest five banks, you will earn a measly £1 a year on a balance of £1,000. If you can fund a high credit interest paying account and maintain an average balance of £1,000, you could earn a whole lot more."
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