Which? calls for more competition between current account interest rates

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Which? calls for more competition between current account interest rates

There should be a greater degree of competition between the major players in the UK high street banking sector, according to Which?.

Peter Vicary-Smith, chief executive of the consumer watchdog, suggested the public might get a financial system that meets their needs if banks were encouraged to battle for sales.

In his opinion, this situation will not become a reality until banks are in a position where they are no longer too big to fail.

"If we want a healthy banking sector it's vital that we find more ways to encourage good banks to enter the market and grow," said Mr Vicary-Smith.

The Which? representative stressed that his organisation has taken the same line since the publication of the Future Banking Commission report, which offered 39 recommendations to the government on the structure, regulation and culture of the UK banking sector.

Last month, the watchdog highlighted how half of the savings accounts available in the country are paying less than 0.5 per cent interest.

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