Released on: December 26, 2007, 5:58 am

Press Release Author: Stephanie Wendy

Industry: Financial

Press Release Summary: Weary customers need to take advantage of the savings to be
made by switching their current accounts, says CreditChoices.co.uk

Press Release Body: Weary customers need to take advantage of the savings to be made
by switching their current accounts, says CreditChoices.co.uk

Despite savings of up to £160 - sparked by a high-street bank war this summer -
consumers are loathed to switch their current account.

Chris Eagle, CreditChoices.co.uk commercial manager, says: "In spite of measly
returns of only 0.1 per cent on the majority of current accounts, 75 per cent of
customers told us that they had stayed loyal to the same bank for more than five
years."

This year's current account war saw some banks - such as Alliance & Leicester -
offering as much as 6.5 per cent on in-credit balances, while others offered
incentives of up to £100 to switch, but still many people remain faithful to their
bank.

Eagle explains: "Although many people are aware of the savings they could make by
switching current account, 46 per cent think it's easier to stay with one bank, and
are willing to settle for a poor return in order to keep things simple."

Other switching deterrents include:
. Having other financial products with your bank (22 per cent)
. Not having enough time to change (nine per cent)
. Being worried that it will affect credit ratings (four per cent)
"It has never been easier - or more profitable - to switch current accounts," says
Eagle.
"Banks automatically transfer all of your direct debits and standing orders to your
new account and customers should be up and running in their new high-interest
accounts within 10 days," he explains.
Of the 24 per cent of respondents who had switched, three quarters said it was an
easy process, with banks doing most of the work.
"Anyone still worried about complications can simply keep their old account active
for a couple of months, in case any payments haven't been switched," concludes
Eagle, "but few people have this problem."
About Credit Choices
Credit Choices - http://www.CreditChoices.co.uk is a UK comparison service which
allows consumers to compare the leading credit cards, loans, savings and current
accounts, so that they can choose the right product for them. Credit Choices also
have a wide range of impartial guides to advise consumers on the latest financial
issues, so that they can manage their finances effectively and stay out of debt.
What makes CreditChoices.co.uk different:
. Wide range of consumer guides and advice
. Detailed product information on loans, credit cards savings and current accounts.
. Comprehensive debt centre which advises consumers on how best to manage their
finances to stay out of debt.
. Up-to-date money news regarding the latest development affect consumers finances.


Web Site: http://www.creditchoices.co.uk/switching-your-current-account.html

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Contact Name- Stephanie Wendy