Banks Charge £140 But Pay 1.5% Interest

[stephen1976]

Subscribers to packaged current accounts typically pay ?140 a year in charges, but receive just 1.5 per cent in interest, new figures from MoneyExpert.com reveal.

People are sold on packaged bank accounts with the promise of better rates of interest and add-on extras that will more than outweigh the cost of monthly fees - but this is not always the case.

The average interest rate paid on packaged accounts is 1.5 per cent, with two accounts on three paying less than one per cent, figures from MoneyExpert show.



full story here

http://www.myfinances.co.uk/news/current-a...#036;454097.htm (http://www.myfinances.co.uk/news/current-accounts-uk/bank-charges/banks-charge-140-but-pay-15-interest-$454097.htm)

[evie]

I have to admit to having been completely ignorant in the past, in thinking that banks as such large institutions have integrity, and that they were all much of a muchness! well..

Im finally waking up rapidly to how much money I have wasted over the years by not being savvy and checking out the best deals!

Always just been too busy working!...

A hard lesson learned, and never too late! :rolleyes:

[mandymad]

They get worse! If they can't get money out of you one way then they'll always find another way to do it.
According to Steve Wright on Radio 2 last week, they said that 5 of the top banks intend to make all their current accounts have an annual fee on them, not just those special packaged ones, because of people claiming back their charges. In fact Steve Wright might not be a bad prog to get onto Moderators, cos they were having a good moan about how they were having to now pay for people who are bad debtors!! Think they need enlightening, obviously don't realise just what is going on with the banks and just how much their paying anyway!