Saving and investing news
Consumers urged to look out for best bank accounts
5 March, 2008
Consumers who are looking to open a new bank account are being advised to create a "shopping list" before choosing one.
The British Bankers' Association (BBA) has advised people in the UK to consider what an account can do for them before making a decision on a bank account.
Brian Capon, a spokesperson for the BBA, said: "Competition is of course, good. But when opening any account, regardless of who it is with – a British bank or a bank that is based abroad, you need to really decide what it is that you want from that bank overall."
He added that consumers may need to "look beyond" the headline rate when choosing a bank and highlighted the importance of checking what protection a consumer is getting from banks.
Capon concluded that nowadays, people have a more sophisticated approach to their banking and a lot of people "will look around for the best rates and savings".
In related news, figures from high street banks in the UK have revealed that personal deposits have seen stronger growth over the past months.
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