People 'should switch from poor value current accounts'

Current account customers should not delay in moving away from an uncompetitive product, it has been claimed.

People need to do more to ensure they have a competitive current account, it has been reported.

Indeed, research carried out by Alliance & Leicester and Abbey - Santander's UK-based current account brands - reveals 21 per cent are failing to change bank account provider because they do not have enough time.

Meanwhile, 29 per cent think it is not financially worth their while to do this.

However, the bank points out that there are some current accounts - among them the Alliance & Leicester Premier Current Account - which offer 60 times more interest than other products currently available.

"It seems that many British banking customers are missing out on some easy money, as the chances are they will still be with a bank that pays little or no interest on current account balances," states Emma Walkley, current accounts manager for Abbey and Alliance & Leicester.

Such news could interest those wishing to generate the highest savings from their bank account as possible.

Meanwhile, those searching for a competitive deal may be interested to hear that Alliance & Leicester Current Accounts was named Best Current Account Provider with regards to debit interest by Moneyfacts last month, the seventh consecutive year it has won such an award.

Written by Kate Guthrie