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Current accounts: Don't miss out says Abbey and A&L

02 July 2009 / by Rebecca Sargent

Brits should seek independence from their poor value current accounts, Santander's UK current account brands Abbey and Alliance & Leicester have claimed.

The claims come after research from Abbey and Alliance & Leicester revealed that one in five Brits fail to swap their current account simply because they don't have time to do so.

In fact, the number of people who are struggling to find the time to switch has almost doubled since last January when it was 12 per cent, compared to 21 per cent now.

Meanwhile, 29 per cent of people said they did not think it would be financially advantageous to switch, despite the fact that both Abbey current accounts and Alliance & Leicester current accounts currently pay an interest rate of six per cent.

Commenting, Emma Walkley, current account manager for Abbey and Alliance & Leicester said: "Our research shows that nearly one in 10 say they now keep a larger balance in their current account compared to 12 months ago, so it seems that many British banking customers are missing out on some easy money, as the chances are they will still be with a bank that pays little or no interest on current account balances."

According to the research, more than half of Brits remain with the same bank they opened a current account with more than a decade ago. But a Independence Day approaches, Brits are urged to move on.

Walkley adds: "With many people in the UK joining in the Independence Day festivities, it is about time that people sought independence from their poor paying bank account.

"With Abbey and Alliance & Leicester recently increasing their interest rates to six per cent on their current accounts, now is a great time to enjoy your own Independence Day.

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