Britons 'need banking alternatives'

10/08/2009

Alternatives to high street banks are a good idea for customers in the UK, a price comparison website has said.

Rumina Hassam, a personal finance expert at uSwitch.com, explained that Britons would benefit from more competition in the banking sector as they would have a range of options to choose from.

She added that alternatives like supermarket banks were becoming increasingly popular and that more people are beginning to consider placing their savings in "smaller names".

"Supermarket banks have already got a huge customer base and there is a lot of loyalty there so those who have tried a supermarket credit card or saving account in the last year might decide to try more financial products from the supermarket," Mr Hassam observed.

The comments come in response to a YouGov poll commissioned by Marketing Week magazine, which found that just over one-fifth of consumers would use supermarket banking facilities.

"This report reinforces our own views on the practices of banks for those in debt," confirmed Kevin Still, director of EuroDebt.

"Our new innovative current account aims to take the uncertainty that is sometimes associated with having a bank account – unexpected charges etc – whilst still providing the convenience of paying in or withdrawing cash at most banks or other outlets that provide the facility to top-up the card, such as the post office.

"We believe there is likely to be a monthly saving of at least £25 by using our pre-paid current account because the individual will no longer be incurring transaction charges for failed payments or exceeding overdraft limits."

Tags; Debt Management and Banking,

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