Santander research 'shows higher current account interest rates are available'

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Santander research 'shows higher current account interest rates are available'

Wed 25th Aug 2010

Current account users could find that switching providers means they receive a higher rate of interest on their money, according to one finance source.

Head of consumer finance at lovemoney.com Ed Bowsher made his comments in response to a study by Santander, which suggested Brits have longer relationships with their current account provider than with life partners.

He suggested that some people feel like they are too busy to arrange a switch to another banking institution, while others are simply lazy.

Mr Bowsher said: "People should seriously consider switching accounts. They might be able to improve the customer service they receive or get a better interest rate on their cash."

In his view, there are some potential problems with these procedures - such as bills going unpaid and salaries failing to arrive on time - although many banks claim that the process is improving.

He urged people to utilise comparison sites to find the best current account providers.

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