Norwich and Peterborough advises banking customers to examine options

19 January 2005
Norwich and Peterborough Building Society has found that two thirds of UK bank customers do not know the rate of interest that is paid on their current account.

The building society has urged consumers to look into the rates their provider offers them, as the more than 60 products available in the UK pay interest on balances between 0.1 and 4.89 per cent.

Norwich and Peterborough found three in four men and two in three women have never switched their current accounts, with the majority saying they are "perfectly happy" with their provider.

However, of the people unhappy with their deal 62 per cent felt it would be easy to change accounts, and one person in five (19 per cent) said they thought it would be "very easy".

But Norwich and Peterborough also found that 25 per cent of people simply cannot be bothered to change accounts.

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