Good bank account deals 'still available if you look'

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Good bank account deals 'still available if you look'

Wed 19th Mar 2008

Despite recent troubles in the banking sector, consumers can still choose from a range of accounts and find the one that best "suits their lifestyle", according to Fool.co.uk.

David Kuo, head of personal finance at the website, advised consumers to look carefully at the differences and similarities between bank accounts.

He said variations can be significant, citing the example of Lloyds TSB's Classic Current Account and Classic Plus Current Account - the former pays only 0.1 per cent on credit balances, while the latter pays 4.25 per cent on balances up to £2,500.

Currently there are "lots of good offers of the market" due to banks looking to attract funds from other sources as they run into problems accessing the credit market, Mr Kuo said.

He singled out Alliance & Leicester's Premier Direct Current Account, which offers an "eye popping" 8.5 per cent interest paid on credit balances.

Traditionally people have been unwilling to switch bank accounts - a survey from Mintel found that Brits are more likely to get divorced than to change accounts.

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