28 September 2006
Research from uSwitch has discovered that banks are reaping the benefits from packaged accounts.
The price comparison and switching website has found that 1.3 million customers believe their current account has been automatically upgraded to a packaged account without their consent.
This works out to around eight million people paying an average of £120 a year for packaged current accounts that are not benefiting them.
Nick White, uSwitch head of personal finance, said: "In effect, packaged accounts are allowing banks to charge customers for the privilege of being cross sold additional financial products.
"From a consumer's perspective, it's all too tempting to have several financial products with the same provider and as a result of this, banks are profiting from people's inertia and lack of time to shop around for the best deal."
Need a new current account? Find the best current account for you with the uSwitch.com current accounts comparison service.
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