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Interest Paying Current Accounts
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How
much can you save by switching to a interest paying current
account ? It really depends on your personal circumstances,
how much you earn, how much money you keep in your current
account and whether or not you have an overdraft.
According to the Consumers' Association someone taking
home an average salary of £1,500 a month and spending
consistently across the month could save £20 a year by
moving to a current account with 3% interest.
Someone with an overdraft of £500 a month for two weeks
of each month could also save £20 a year by moving to
a bank with lower interest for overdrafts. For some people
the saving could be £100 a year for others it might be
just £10 a year.
The Consumers' Association's "Switch with Which?" campaign
is aimed at encouraging people to switch to better value
providers and products. Its website has a calculator which
can help you work out how much you can save.
How do you find out about cheap rates? Finding out about
the best deals can be easy. A good place to start is the
internet. Many providers which offer internet facilities
often provide better value interest rates.
A directory of
Online
Bank Accounts and Services.
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