Expert: People should study a packaged current account

An expert has said that people should study the benefits of taking out a packaged current account before deciding whether to commit to one.

It is a good idea for consumers to scrutinise a packaged current account prior to committing to taking one out.

That is the view of Defaqto's banking specialist David Black, who commented that banks and building societies in the UK are currently very keen for both new and existing customers eager to compare savings to consider this type of savings account.

According to Mr Black, individuals should carefully study the bonuses on offer from these products before making any final decision on whether to use them.

"You will need to look at the benefits and work out which ones you need and whether you will use the incentives and the details of them," he said.

Data released last month by Defaqto showed that the number of packaged current accounts in Britain has increased by 94 per cent over the last four years, during which time the average monthly fee attached to these deals has risen by 42 per cent.

By Joe Letts