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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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 AccountInterest (AER)Overdraft RateFunding Required*Fee pmFeaturesApply
5.00%**0.0%£0.00NilUp to £300 Cashback when you switch your current accountMore Info >
0.00%Daily fees on agreed overdrafts£0.00Nil£5 cashback every month you deposit £1,000. More Info >
Up to 3%19.30%£0.00NilEasy switching process. Earn up to 3% AER on balances of £3,000-£5,000 with Vantage. £10 overdrafts buffer and grace period.More Info >
0.0%19.30%£0.00 NilTelephone and Online Banking - Simply, free and easy to useMore Info >
0.0%18.30%£300.00£5pmBenefits include mobile phone insurance, cardholder protection and much more for £6.50 per month.More Info >
0.0%18.30%£300.00£15Benefits include Travel Insurance, mobile phone insurance, breakdown cover and much more for £15 per month.More Info >
0.0%17.90 %£500.00£12.95Could provide you with up to £500 of benefits & services a year. £6pm for first 3 months. ID theft and personal safety assistance. Text Banking. HSBC Advance Specialist 24/7 on hand.More Info >
0.0%19.90 %£500NilOverdraft, award-winning online banking, access to 4% savings accountMore Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0.0%19.49%£100.00 £12.95For the third year running, the independent financial research company Defaqto gave Advantage Gold their 5 Star rating for product features, benefits and charges (February 2011).More Info >
£0.0019.24%£100.00£12.95Mobile phone insurance - includes iPhones; Green Flag car breakdown cover - even on your driveway; Annual world wide travel insurance - includes winter sports.More Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0%18.9%£700 per monthNilPreferential rates on savings and loans. Free European travel insurance, discounts on home insurance. No monthly fee. (Pay in a minimum of £750 per month to get the benefits.)More Info >

*Some current accounts require customers to pay in a minimum amount each month.

**See Terms and Conditions