Virgin current account is an innovation, says expert

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www.moneynews.co.uk > Banking > Virgin current account is an innovation, says expert

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Virgin current account is an innovation, says expert

Peter Gerrard, finance expert at Moneyextra.com, said that current accounts are a financial area where many people are reluctant to switch provider and this move will encourage a competitive banking market.

He suggested this upfront fee would appeal to consumers who use their overdraft and are penalised by monthly charges on a regular basis.

"However, anyone looking to take this account should weigh up the costs between switching and stopping with their own current account provider and managing their overdraft appropriately," Mr Gerrard remarked.

Virgin Money is expected to become the first provider to charge a compulsory monthly fee regardless of how much money customers pay into the account.

Jayne-Anne Gadhia, chief executive of Virgin Money, recently told the Sunday Times that there is no such thing as free banking.

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