UK Money News
16th June 2008
Banks urged to do more to reward customers who stay in the black
Banks must do more to reward customers who stay in credit, a finance website has claimed.
According to MoneyExpert.com banks despite recent moves by some account providers to offer better rates on their products, many are still failing to offer favourable terms to their customers who stay in the black.
This was borne out by research showing that two out of five accounts pay less than one per cent when the account is in the black.
Sean Gardner, director of the site, said: "It's encouraging to see banks getting their houses in order and offering better interest rates for customers with positive balances.
"But let's be honest - almost half of all accounts reward customers who are in the black with less than one per cent annual interest."
He added: "Given there are accounts out there offering ten times that amount of interest, customers should not settle for a raw deal."
The average rate of credit interest amongst accounts paying over one per cent is now 3.57 per cent.
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