Current accounts 'not mirroring' base rate
www.moneynews.co.uk > Banking > Current accounts 'not mirroring' base rate
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Money News |
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Current accounts 'not mirroring' base rate
Fri 4th May 2007
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Research carried out by MoneyExpert indicates that while the Bank of England's monetary policy committee has raised interest rates by 0.50 per cent since October 2006, the average current account has only been hiked by 0.29 per cent.
The financial comparison service claims that some 47 of 105 accounts on the market still pay interest of one per cent or less, compared to 45 in October 2006.
However, the group's figures also indicate that consumers are increasingly seeking out the most competitive deals on the market, with 2.29 million consumers having changed their accounts in the last six months.
Sean Gardner, chief executive of MoneyExpert, said that with 12,700 consumers switching their current account each day, "more people realise there are better deals available".
He added: "And there genuinely are some excellent bank accounts out there."
Related News : Banking |
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