Compare current accounts with so many bank accounts to choose from here is a selection of the best rated current accounts. Most of the accounts are free of charge but some do come with a monthly fee
The personal current account is a crucial part for the health of the United Kingdom economy and is Britain’s retail financial system now with the Government’s strategy for greater financial inclusion.
Its efficient operation is essential for consumers, where the majority of households have a current account and 90 per cent of adult consumers have at least one current account. The UK personal current account market is big business, which accounts for over 64 million accounts in the UK, of which 54 million are estimated to be active.
It is estimated banks earned in excess of £8.3 billion in revenues from personal current account. This is equivalent to £152 per active bank account not taking in to account allowing access to other products such as mortgages. This represents more revenue for the banks than savings and credit cards combined.
Consumers are not adequately informed about banking financial products and it is difficult to compare which is the best product to take up based on information and transparency about charging structures and practices. Compare Bank Accounts are currently examining whether the market is working well for consumers and if not will be making recommendations for remedying the problems identified based on your feedback.
Banks have proved to be a success with consumers due to low fees such as withdrawals from ATMs and wider access to their funds such as Internet and telephone banking making it easier for consumers to manage their account.
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