24 February 2009
Consumers can still benefit from good current account deals despite falling interest rates, it has been stated.
The Bank of England has dropped the base rate from 5% in September to its present level of 1%, but the Daily Record has observed that worthwhile offerings are still available.
For example, those conducting a comparison will find that the Halifax/Bank of Scotland Reward Account pays a flat rate of £5 per month, while Alliance & Leicester offers £100 to those who switch.
Head of Current Accounts at the Co-operative Bank John Barker told the paper: "It was often said that people were more likely to get divorced than change bank accounts, but it appears this consumer apathy is a thing of the past thanks to the financial crisis."
The Daily Record added that those who are switching should be sure to consider their individual needs in order to find the best deal.
A recent Post Office poll revealed that over a fifth of savers are investing their money in current accounts, as they cannot find better rates elsewhere.
Meanwhile, Louise Bond, personal finance manager at uSwitch, said: "We have a number of great accounts which consumers can apply for online with us. Alliance and Leicester have good accounts for both earning interest on your credit or low overdraft interest rates. On some of their accounts you can also earn £100 cashback for switching. Have a look on uSwitch to compare the whole of the market and find an account suits your needs best."