Some credit interest rates surpass those available from savings accounts 
(14/05/2010)
Defaqto believes that now could be the time to switch by taking advantage of introductory offers which currently include some credit interest rates that surpass those available from savings accounts.
Only 6% of adults change their current account each year and many have a concern that the switchover will ‘mess up’ direct debits or go awry in some other way.
David Black, Banking Specialist at Defaqto said: “Consumers should look at their current account and see if they can get a better deal elsewhere. There are some generous introductory deals available which include high credit interest rates, 0% introductory overdraft rates and even a £100 cash gift.”
He added: “Don’t be afraid of the switching process because it is actually relatively seamless. The banks will do most of the legwork by arranging the notification of the change of account details with all the direct debits and standing order originators. The entire switching process will typically take between two and four weeks.”
The features, benefits and costs of current accounts can be compared using Defaqto compare.
Related categories: Invest in Financial products
