More bank accounts charge fees

Published on 1 January 1970 by Raffick Marday

The number of bank accountswhich charge a fee has increased by nearly 50 per cent (48 per cent) since March 2008, according to new research.

Moneywise.co.uk indicate that there are now 49 current accounts with a monthly fee attached, so more customers may want to compare bank accounts to find the best one for them.

Their study also discovered that the average fee has increased from £11.50 to nearly £15 (14.88).

This comes after research from Defaqto revealed that only 6 per cent of adults change their bank account each year, meaning many won't be getting the best return on their savings.

David Black from Defaqto advises consumers to shop around for bank accounts, as there are still free ones available, as well as ones which offer high interest rates, 0 per cent introductory overdraft rates and sometimes even a cash gift.

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