2 October 2008
Couples may be missing out on higher interest payments by failing to pool their current account cash, it has been claimed. According to Lloyds TSB, almost three-quarters of British couples have joint current accounts, but 27% prefer to keep their money separate. If they held their money together in one current account, their overall balance would be bigger and they would therefore accrue a larger amount of interest. Catherine McGrath, Director of Current Accounts at Lloyds TSB, said: "In these testing financial times, it's never been more important to make your money work as hard as it can for you." Lloyds TSB found that 46% of couples who do not currently have a joint account would open one if they could earn a better rate of interest. According to research conducted in August by Alliance & Leicester Current Accounts, 58% of banking customers have never switched their current account.