Consumers 'need to seek competitive current accounts'

It is crucial people take the time to get a good deal on their current account, it has been stated.

Britons should not delay in seeking out a competitive current account deal, it has been claimed.

Writing in a lovemoney.com article, Szu Ping Chan reports that while consumers may be concentrating more on getting a good rate on their credit card or looking to compare savings account products, they should also take the time to search for a current account offer.

In doing so, she states it is possible that people could receive as much as a six per cent return on the money invested into a current account.

One such product offering this rate is the Alliance & Leicester Premier Direct Current Account.

She points out that by keeping an average balance of £1,000 in the account each month, a basic rate taxpayer will earn some £48 in interest over the course of a year.

And while this may not seem a great deal of money, it was reported that some accounts currently do not offer any interest.

Earlier this year, the Daily Mirror advised people that although current accounts can offer a number of attractive features, they may also come with a funding clause requiring that certain conditions - such as that a minimum amount of money is paid in - are met. Otherwise, consumers "could end up [being] hammered with charges".

UK Price Comparison website Which4U - Compare Credit Cards, Savings Accounts, Compare Fixed Rate Bonds, Bank Accounts, Individual Savings Accounts, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals