Quest for best rate is “on-going”

Consumers need to be aware that they should always be on the lookout for good interest rates, it has been claimed.

Brian Capon of the British Bankers’ Association (BBA) explained that the quest for the best rates in the market is “an on-going exercise”.

“Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings,” he said.

Mr Capon highlighted how easy it is to move bank accounts and warned that one bank will not always be the market leader with financial products.

Therefore people need to keep a close watch on their bank’s rates, he added.

The BBA found that among the main retail banks, there are over 125 million accounts and that over seven billion transactions and 2.3 billion cash withdrawals are cleared every year from over 30,000 free machines.

© Adfero Ltd

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