UK Money News
7th July 2008
Current accounts rivalling savings offerings for returns
A new wave of current account offerings is rivalling savings accounts for the returns they offer customers, it has been claimed.
According to Fool.co.uk, there are currently 136 interest-paying current accounts and 13 pay over five per cent interest a year.
Furthermore, some accounts offer especially attractive returns, with Abbey and Alliance & Leicester promising rates of eight per cent and 8.5 per cent respectively.
However, head of personal finance at the site, David Kuo said that before switching provider to take advantage of these offers customers should be mindful of the conditions that are imposed.
He commented: "The new breed of high-interest current accounts has blown a gust of fresh air into an otherwise stale and complacent banking sector.
"Some of the rates on offer are indeed better than those available in savings accounts. But there are catches to beware of.
"Banks like to dangle big juicy carrots in front of us to get us to switch. But carrots can quickly turn into unpalatable turnips if you don't dig deep into the terms and conditions."
Among the conditions stipulated by the providers is only offering the high rate of interest on balances up to £2,500.
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