Abbey: People could do more to improve finances

Some 57 per cent of Britons have had their current account for ten or more years, which could mean they are missing out on the possibility of more competitive rates.

According to new research from Abbey, the majority of adults in the UK believe they are managing their finances well, although 18 per cent were found to have never switched current accounts.

Consequently, the bank states, people may not be taking advantage of various offers on the high street that could help them take charge of their finances.

The research also found that 73 per cent check their account balance at least once a week, while 63 per cent believe they know each transaction that goes through their current account.

In addition, 72 per cent said they used the internet to do this, helping them to stay aware and keep a check on their balance.

“It is clear that modern British society is more confident about managing its finances,” said Steve Shore, head of banking at Abbey, while emphasising the importance of searching for the most suitable account.

“Some current accounts now offer more competitive interest rates to customers with the best rates offering up to 60 times better than the worst,” he added.

Abbey offers a number of current accounts including those suitable for graduates and under-18s.

© Adfero Ltd

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