Switching current accounts advocated by financing expert

Mon, 18 Jun 2007

Banking customers have been reminded about the short and long-term benefits of switching current account providers.

Michelle Slade, personal finance analyst at financing website Moneyfacts.co.uk, has pointed out that many banking institutions are currently offering incentives to encourage people to change their financial services provider.

For example, banking giant Halifax is offering a £100 no-strings-attached lump sum to current account switchers, while HSBC will pay out £10 if mistakes occur during the induction process - such as credit cards failing to show up on time.

Over the longer term, she points out that certain current accounts offer interest on credit balances of more than six per cent.

Consequently, Ms Slade has urged banking customers to take a more proactive financing approach.

"The apathy shown by many consumers who continue to put up with credit interest rates as low as a paltry 0.1 per cent is just playing into the hands of some of the big high street names," she argued.

Halifax sought to raise awareness of its high-interest current account earlier this year with a high-profile advertising campaign spanning TV, leaflets and national newspaper adverts.


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