Banks barely budging’ on rate
Banks have failed to pass on almost half of the total base rate increase seen since October to current account customers in the black.Research by price comparison website Moneyexpert.
Banks have failed to pass on almost half of the total
base rate increase seen
since October to current account customers in the black.
Research by price comparison website Moneyexpert.com has
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found the average credit interest rate on current accounts has risen by just 0.29pc over the period despite an overall base rate hike of 0.5pc.
The typical current account now has an interest rate of 1.84pc, but 47 out of the 105 accounts on the market still pay 1pc or less to customers in credit.
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Sean Gardner, chief executive of Moneyexpert
.com, said: "Current accounts are the major personal finance issue in the UK at the moment, with customers rebelling over fees and the Office of Fair Trading launching an investigation.
"Despite all of that, the average rate paid for customers who keep cash in their accounts has barely budged in the face of the Bank of England pushing up interest rates."
Figures released last week revealed about 12,700 people a day are switching current account providers in the face of growing public scrutiny over bank charges.
Mr Gardner added: "That figure is certain to keep climbing as more and more people realise there are better deals available.
And there genuinely are some excellent bank accounts out there."