Current account opportunities abound

by Gill Montia

Story link: Current account opportunities abound

Defaqto, the financial research specialist, is advising consumers to make regular efforts to review their bank accounts and make comparisons with others available on the market.

According to the researcher, competition among banks providing current accounts has been increasing and there are invariably opportunities for customers to find better terms.

Despite widespread fears amongst consumers about the complications of switching accounts, Defaqto is confident that the process is relatively easy.

However, the highest free-in-credit current account rates all require a minimum monthly deposit.

This requirement is to ensure that the account becomes the customer’s primary current account.

MoneyExpert, the price comparison website, is also raising awareness about the number of attractive current accounts available, with some paying 6.5% interest to those who remain in the black.

Finally, there is good news for those seeking an ethically sound banking product.

According to the Ethical Investment Research Service (EIRIS) ethically minded customers do not have to compromise on quality of service to achieve their aims.

EIRIS is urging consumers to think beyond the well publicised green issues and consider the ways in which a bank governs its own operations.

This could include the treatment of employees, the way in which a bank monitors the environmental impact of the business and whether it supports responsible banking.