BBA says current account interest rates not designed to offer a big return

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www.moneynews.co.uk > Banking > BBA says current account interest rates not designed to offer a big return

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BBA says current account interest rates not designed to offer a big return

The British Bankers' Association (BBA) has urged people to put their money into a savings account if they want to get a significant return from their cash.

A spokesperson from the organisation stated that current accounts are designed for everyday use, which is why most transactions - including ATM withdrawals and direct debits - tend to be free of charge.

They explained that consumers should look into signing up for a savings account if they want to receive a significant return on their capital.

"Current accounts are not, and never have been, intended for people's savings although many accounts do attract a small amount of interest," the BBA representative remarked.

The finance expert noted there are a huge variety of savings accounts available to suit different consumers.

This week, the BBA revealed it is due to present a report to the chancellor of the Exchequer and business secretary shortly regarding the findings of the Taskforce on Business Lending.

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