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Defaqto: Review bank accounts for best deal

04 September 2007
Research firm Defaqto is urging consumers to review their bank accounts frequently and compare them to others available on the market.

With increasing competition among banks providing current accounts, there are "increased opportunities" for customers to switch to better deals, the company suggested.

David Black, Defaqto's principle banking consultant, said the time is ripe for Britons to shop around for the best current account deal.

He said it is relatively easy for banking customers to switch accounts, meaning "it's worth reviewing your current account to ensure that you're getting the best deal".

Mr Black added that the highest free-in-credit current account rates all require a minimum monthly deposit to be made into the account.

"This is intended to ensure that the account becomes the customer's primary current account," he explained.

Last month, the chief executive of finance website MoneyExpert noted that there are "plenty of really good" current accounts available in the market.

Sean Gardner added that some of them pay as much as 6.5 per cent interest to banking customers who are staying out of the red.

He said that while there is more to a current account that the rate of interest, "if you're usually in credit and don't need an overdraft, you really should consider switching to a better account".

Find out more about current accounts

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