'Big four' banks face revolt by customers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Nearly a quarter of consumers who have accounts with the major banks say they would consider moving their money to get a better interest rate, figures released yesterday showed.
About 48 per cent of people who bank with the "big four" did not know how much interest they received on their current account, but when told, nearly half said they would think about changing, according to the Consumers' Association, publisher of Which? magazine.
Lloyds TSB, Barclays, HSBC and the Royal Bank of Scotland Group account for 70 per cent of the current account market, but pay as little as 0.1 per cent interest on some accounts, while overdraft rates can be twice as high as those offered by other banks. Which? is urging consumers to switch accounts and has set up a website, www.switchwithwhich.co.uk, offering advice.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments