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Big Banks Make a Killing by Paying No Interest on Current Accounts
03/05/2011
Money that is saved in current accounts receives little or no interest. The Big banks use these funds to stifle competition from smaller rivals, preventing customers from finding the best deasl. It is estimated that it costs customers £2.4 billion a year in missed interest payments alone.
The Independent Commission on Banking said the array of bank accounts on offer were so baffling that it was not easy for customers to compare whether they could get a better deal elsewhere.
Homeowners aged over 55 years who are suffering from little or no interest on their savings and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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