According to a recent study, the lion’s share of current account holders are missing out on the best interest rates because they’re not in the know.
Lloyds TSB released the research findings, revealing that 64 per cent of UK banking customers have no idea of what their primary bank account’s interest rate is. The personal and business bank account provider said that this could lead to individual losses of as much as £148 annually.
Despite the high number of respondents indicating they had no knowledge of their own rates, 42 per cent of those questioned by the survey also said they would change current account providers if presented with a more lucrative rate of interest. This shows that Brits do know that it can be beneficial to switching accounts, Lloyds TSB added.
Current accounts director for the banking group, Jatin Patel, remarked that a large number of people spare little thought to how much earning power their primary account can actually produce.
In related news, Consumer Focus recently said that the Post Office network in the UK should be made available for all current account holders in order to manage their finances. According to the research study published earlier this week, the demand to gain complete access to their finances through the Post Office is significant, with as many as 18 million Brits would regularly use such a service.
Presently only a select number of current account holders have access to their finances through the Post Office. Other banking providers, such as Spain based bank Santander, are not permitted to do so, but if the plans that Consumer Focus were to be put into effect, it would allow Santander account holders to deposit or withdraw cheques or cash at the Post Office.
