Research on web and switch accounts, site advises

25/09/2009

Many Brits are simply scared of switching their bank account to another provider - even though they might get a significantly better deal by doing so.

This is the view of Lovemoney.com, a financial website, which also said that many were put off from making the change by the complex and unclear nature of information related to the accounts.

Customers were advised to read up on the subject by using the web, enabling themselves to make an informed choice about moving to a new provider.

A European Commission report released earlier this week showed that even the experts that had conducted research for the report became confused when they tried to work out how much various features offered by bank accounts in member states would cost them.

In 66 per cent of banks surveyed, the researchers had to make extra contact with the firms themselves in order to confirm the terms and conditions.

Criticism was levelled by the Commission at the "incomprehensible" and "insufficient" information offered by banks to customers.

Ed Bowsher, head of personal finance at lovemoney.com, said: "[Some people] don't particularly enjoy finance, they're scared of it and so don't spend any time on it, but just a small amount of time can reap such rewards.

"It's partly up to everyone to do some research themselves and use the resources on the web. A little bit of time can generate so much money, certainly with current accounts, anyway."

Kevin Still, director of EuroDebt, added: "It's important that families and individuals already in financial difficulties, do all they can to manage their costs and tackling bank charges is certainly worth considering.

"Our new innovative current account aims to take the uncertainty that is sometimes associated with having a bank account - unexpected charges, et cetera - 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."

Tags; Debt Management and Banking, Credit Card Lifestyle, Recent Graduate Debt,

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