4 September 2007
Consumers should shop around now to find the best current account to suit them, Defaqto has claimed.
According to the financial product research company, increased competition in the current account market means that there are now more opportunities for account switching.
The comments come as Lloyds TSB is the latest provider to increase its credit rate on its current account up to 6.4%.
David Black, Defaqto's Principal Consultant for Banking and author of the company's market report Current Accounts 2007: The storm before the calm, believes that now is the right time for customers to search out the current account to suit their banking needs.
"The highest free-in-credit current account rates available all require a minimum monthly deposit to be made. This is intended to ensure that the account becomes the customer's primary current account," he said.
"Now that it's possible to switch current accounts relatively easily it's worth reviewing your current account to ensure that you're getting the best deal."
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