The hidden cost of your current account
While the theory of "free banking" appears to be nearing an end in the UK, in effect there has never been free banking in the country with a number of "hidden charges". Many people, despite significant discussion about the issue, still hold current accounts where little or no interest is paid and they are effectively seeing their funds fall in real terms.
When you consider how much money moves in and out of your current account, how much will stay there for a short time and how much will stay there for a long time, you can only start to imagine the interest you may be missing out on. The vast majority of the UK population would benefit substantially from using a savings account, perhaps with online services, to move their funds from their current account to a higher interest account. Even if this is just for a short time there is the potential, over time, to earn significant interest compared to the paltry levels on offer from many current account arrangements.
This is just one of many tricks and tips which we will be adding to the site over the next few weeks as money becomes tighter and tighter in UK and more and more people are suffering.
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