Consumers need to decide what they 'really want' from a bank account

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Consumers need to decide what they 'really want' from a bank account

Thu 28th Feb 2008

A spokesperson for the British Bankers Association (BBA) has advised consumers to create a "shopping list" of what they really want and need from their bank before deciding which account to go with.

Brian Capon recommended that people "look beyond the headline rate" and check all terms and conditions of the account, to ensure that there are no nasty surprises further down the line.

In response to the news last week that increasing numbers of international banks are introducing savings accounts in the UK, Mr Capon said this was good for completion, but warned consumers to "look at the protection" they are getting.

Non-UK banks are authorised by the regulator in their own country, he explained, so levels of protection may not be as high as they are under the strict British laws.

"Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings," he added.

The Times reported recently that banks from countries as diverse as Iceland and Nigeria are offering savings accounts in the UK with highly competitive rates of interest.

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