11 March 2008
Consumers have been urged to check the headline rates of current accounts before they make a switch by the Coventry.
The organisation claimed that people may in some cases be "misled" by the advertised rates on some accounts because these can be less than 3%.
Head of Marketing at the Coventry Rachel Haworth claimed that the rates are often not that great for customers because they have their wages paid into accounts at the start of each month.
"This is made worse if the headline rate encourages them to leave any amount of savings in the account and if the rate decreases substantially after the first year," she commented.
Individuals with a steady balance of £2,500 are more likely to see the benefits of these headline rates, she added.
According to the Association of Credit Unions, the number of current accounts run by such unions is set to reach 10,000 in the UK.
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