Money Advice Scotland notes difficulties battling current account interest rates

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Money Advice Scotland notes difficulties battling current account interest rates

It may not be simple for consumers to switch current account providers to escape high interest rate charges for using overdrafts, according to Money Advice Scotland.

Yvonne MacDermid, chief executive of the firm, explained that individuals must first pay off any money owed to their bank before they can fully close their account.

She noted that this can be unaffordable for some customers, leaving them unable to "extricate" themselves and take their business elsewhere.

"If people come away from one bank [another bank is] going to look at the credit reference before and they will make a judgement on that," added Ms MacDermid.

In her opinion, it is difficult for Brits who are looking to find the best deal for their circumstances.

Last week, moneysupermarket.com urged people to look closely at interest rates offered by current account providers, as savings products will often provide a higher return on cash, with easy-access products ensuring the money is not locked away.

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