UK Money News
6th May 2008
Brits missing out on best buy bank accounts
Millions of Britons are missing out on the best value bank accounts through apathy, it has been revealed.
Moneysupermarket.com asked over 4,000 UK adults to identify the current accounts offering the most favourable rates on the market.
Of these, 74 per cent failed to name Alliance & Leicester, Abbey or Halifax as having the best interest rates on their products, despite all three heavily publicising their rates of 8.5 per cent, eight per cent and 6.17 per cent, respectively.
According to Kevin Mountford, head of savings at the price comparison site, this lack of engagement with their finances is costing Britons up to £210 per year, based on an average account balance of £2,500.
Mr Mountford added: "It's a shame consumers seem hesitant to change current accounts as most providers make the process as easy as possible.
"If you could buy the same TV for £210 less somewhere else, you wouldn't think twice, however when it comes to current accounts, it seems consumers are happy to miss out."
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