17 July 2008
There are many current accounts available to consumers on the marketplace but people do not have any incentive to switch deals, it has been claimed. In response to the Office of Fair Trading (OFT) report that said accounts are not "working for consumers", uSwitch.com stated that service providers are not offering improved interest rates due customers' lack of knowledge. Head of Personal Finance at the company Simeon Linstead asserted that 64 per cent of current account holders have not thought about switching services simply down to the fact that it would be too much trouble. Mr Linstead urged people to look around for improved deals and claimed that in reality it isn't too much hassle at all. "With all banks obliged to close or move a customer's bank account, without charge, upon request, and many banks offering a free switching service, now is the time to look around for another provider," he commented. About £1.9 billion may be being "wasted" he added, because consumers are not looking elsewhere for improved services. The OFT also found that £152 is made from every active account in the UK each year.
© 2008 Adfero Ltd
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