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Brits lose money by not 'banking competitively'
06/05/2008 10:44:00
British consumers are losing themselves money by not banking with the most competitive current account providers, according to one financial expert.
Moneysupermarket.com said that spenders are missing out on earning extra interest by not shopping around for the best offer.
Research from the financial advisor showed that over a quarter of consumers have only ever had one current account.
Almost three out of four consumers did not say that the Alliance & Leicester, Abbey or Halifax had the best interest rates on their current account, despite all three heavily publicising their rates of 8.5, eight and 6.17 per cent, respectively.
Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "Consumers are increasingly looking at ways to save money in the current environment, but forgetting to look at ways to make money."
"It is astonishing" that a quarter of people have only had one current account, when providers are continually introducing new rates to compete with each other, he continued.
Meanwhile, the firm said that there are good rates available for savings accounts, but some of these may be subject to a poorer value product being opened at the same time.
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